Zacks Investment Research cut shares of Global Partners (NYSE:GLP) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.
According to Zacks, “Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. Global Partners is one of the largest wholesale distributors of distillates such as home heating oil, diesel and kerosene, gasoline, and residual oil and bunker fuel to wholesalers, retailers and commercial customers in New England. “
Several other brokerages have also recently weighed in on GLP. ValuEngine raised shares of Global Partners from a sell rating to a hold rating in a research report on Friday, January 31st. TheStreet raised shares of Global Partners from a c rating to a b- rating in a research report on Tuesday, November 19th. Wells Fargo & Co cut shares of Global Partners from an equal weight rating to an underweight rating and set a $20.00 price target on the stock. in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. cut shares of Global Partners from a neutral rating to an underweight rating and set a $21.00 price target on the stock. in a research report on Wednesday, January 29th. Three analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company presently has an average rating of Sell and a consensus price target of $20.25.
Shares of GLP stock opened at $19.12 on Wednesday. The company’s 50-day moving average price is $19.93 and its 200-day moving average price is $19.86. The company has a current ratio of 1.40, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. The stock has a market cap of $649.89 million, a price-to-earnings ratio of 8.10 and a beta of 0.97. Global Partners has a twelve month low of $18.30 and a twelve month high of $21.62.
The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 10th were given a dividend of $0.525 per share. This is a boost from Global Partners’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.10 annualized dividend and a dividend yield of 10.98%. Global Partners’s payout ratio is presently 121.39%.
Several hedge funds have recently made changes to their positions in the company. Arrow Investment Advisors LLC boosted its position in shares of Global Partners by 3.7% during the 4th quarter. Arrow Investment Advisors LLC now owns 22,917 shares of the energy company’s stock valued at $462,000 after acquiring an additional 814 shares during the last quarter. Sanders Morris Harris LLC raised its holdings in Global Partners by 2.8% in the 4th quarter. Sanders Morris Harris LLC now owns 36,950 shares of the energy company’s stock valued at $727,000 after buying an additional 1,000 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Global Partners by 10.7% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 22,034 shares of the energy company’s stock valued at $444,000 after buying an additional 2,132 shares during the period. Delta Investment Management LLC raised its holdings in Global Partners by 24.2% in the 3rd quarter. Delta Investment Management LLC now owns 12,826 shares of the energy company’s stock valued at $251,000 after buying an additional 2,500 shares during the period. Finally, Commonwealth Equity Services LLC raised its holdings in Global Partners by 13.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 26,896 shares of the energy company’s stock valued at $527,000 after buying an additional 3,284 shares during the period. 37.03% of the stock is currently owned by hedge funds and other institutional investors.
Global Partners Company Profile
Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers in the New England states and New York.
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