Solaris Asset Management LLC continued to hold its stake in Global Partners LP (NYSE:GLP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,150 shares of the energy company’s stock at the end of the second quarter. Solaris Asset Management LLC’s holdings in Global Partners were worth $183,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of GLP. Acadian Asset Management LLC acquired a new stake in Global Partners during the second quarter valued at about $199,000. Winslow Evans & Crocker Inc. increased its stake in Global Partners by 81.6% in the second quarter. Winslow Evans & Crocker Inc. now owns 57,165 shares of the energy company’s stock valued at $1,052,000 after buying an additional 25,691 shares during the last quarter. Bank of Montreal Can acquired a new stake in Global Partners during the second quarter valued at about $451,000. Goldman Sachs Group Inc. increased its stake in Global Partners by 9.8% in the first quarter. Goldman Sachs Group Inc. now owns 791,950 shares of the energy company’s stock valued at $15,443,000 after buying an additional 70,756 shares during the last quarter. Finally, Morgan Stanley increased its stake in Global Partners by 13.6% in the first quarter. Morgan Stanley now owns 2,859,113 shares of the energy company’s stock valued at $55,754,000 after buying an additional 341,554 shares during the last quarter. 47.27% of the stock is owned by institutional investors and hedge funds.
Shares of Global Partners LP (NYSE GLP) opened at 17.20 on Thursday. The stock’s market cap is $577.13 million. Global Partners LP has a one year low of $14.51 and a one year high of $21.95. The company has a 50-day moving average price of $17.77 and a 200 day moving average price of $18.95.
Global Partners (NYSE:GLP) last announced its quarterly earnings results on Wednesday, August 9th. The energy company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. The firm had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.15 billion. Global Partners had a negative return on equity of 1.83% and a negative net margin of 1.93%. The company’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.22) earnings per share. Equities research analysts expect that Global Partners LP will post $1.11 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Wednesday, August 9th will be issued a $0.463 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 10.77%. The ex-dividend date is Monday, August 7th. Global Partners’s dividend payout ratio is -36.85%.
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Several brokerages have weighed in on GLP. Zacks Investment Research cut Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 9th. BidaskClub upgraded Global Partners from a “strong sell” rating to a “sell” rating in a research note on Friday, August 4th. Stifel Nicolaus restated a “buy” rating and set a $21.00 price objective on shares of Global Partners in a research note on Friday, June 23rd. Finally, Janney Montgomery Scott began coverage on Global Partners in a research note on Friday, June 23rd. They set a “neutral” rating and a $18.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Global Partners currently has a consensus rating of “Hold” and a consensus price target of $18.40.
About Global Partners
Global Partners LP is a midstream logistics and marketing company. It is engaged in the purchasing, selling, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane.
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