Global Partners (GLP) Releases Quarterly Earnings Results

Global Partners (NYSE:GLP) announced its quarterly earnings data on Thursday. The energy company reported ($0.44) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.71), MarketWatch Earnings reports. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $2.73 billion. Global Partners had a net margin of 0.94% and a return on equity of 8.83%.

NYSE:GLP traded down $0.31 during midday trading on Friday, hitting $19.32. The company’s stock had a trading volume of 161,300 shares, compared to its average volume of 71,804. Global Partners has a fifty-two week low of $15.16 and a fifty-two week high of $21.05. The company has a current ratio of 1.44, a quick ratio of 0.89 and a debt-to-equity ratio of 2.67. The company has a market cap of $697.93 million, a PE ratio of 13.90 and a beta of 0.76.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Friday, November 9th will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 9.83%. The ex-dividend date of this dividend is Thursday, November 8th. Global Partners’s payout ratio is currently 136.69%.

Several equities analysts recently commented on GLP shares. Mitsubishi UFJ Financial Group increased their price objective on shares of Global Partners and gave the company an “underweight” rating in a research report on Friday, August 10th. Wells Fargo & Co increased their price objective on shares of Global Partners from $19.00 to $20.00 and gave the company a “market perform” rating in a research report on Thursday, September 13th. Zacks Investment Research lowered shares of Global Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $20.00 price objective (up from $17.00) on shares of Global Partners in a research report on Friday, August 10th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the stock. Global Partners has a consensus rating of “Hold” and an average price target of $19.75.

Large investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC acquired a new position in Global Partners in the 2nd quarter worth approximately $181,000. Wells Fargo & Company MN increased its holdings in Global Partners by 18.8% in the 1st quarter. Wells Fargo & Company MN now owns 27,931 shares of the energy company’s stock worth $429,000 after buying an additional 4,414 shares during the period. Albert D Mason Inc. increased its holdings in Global Partners by 57.6% in the 3rd quarter. Albert D Mason Inc. now owns 29,105 shares of the energy company’s stock worth $530,000 after buying an additional 10,635 shares during the period. First Hawaiian Bank acquired a new position in Global Partners in the 3rd quarter worth approximately $1,081,000. Finally, UBS Group AG increased its holdings in Global Partners by 44.5% in the 1st quarter. UBS Group AG now owns 164,118 shares of the energy company’s stock worth $2,519,000 after buying an additional 50,527 shares during the period. Institutional investors own 41.32% of the company’s stock.

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Global Partners Company Profile

Global Partners LP, a midstream logistics and marketing company, distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers in the New England states and New York. It operates in three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.

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Earnings History for Global Partners (NYSE:GLP)

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