Barclays Lowers Global Partners (GLP) to Underweight

Barclays cut shares of Global Partners (NYSE:GLP) from an equal weight rating to an underweight rating in a research note released on Tuesday morning, BenzingaRatingsTable reports. They currently have $18.00 price target on the energy company’s stock, down from their prior price target of $19.00.

A number of other analysts also recently issued reports on the company. Zacks Investment Research downgraded Global Partners from a buy rating to a hold rating in a research report on Wednesday, March 13th. ValuEngine downgraded Global Partners from a buy rating to a hold rating in a research report on Monday, February 4th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $19.75.

NYSE:GLP opened at $19.07 on Tuesday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 0.84 and a current ratio of 1.50. The stock has a market capitalization of $648.30 million, a P/E ratio of 11.02 and a beta of 1.01. Global Partners has a 52-week low of $13.63 and a 52-week high of $21.05.

Global Partners (NYSE:GLP) last released its earnings results on Thursday, March 7th. The energy company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $1.35. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.14 billion. Global Partners had a return on equity of 12.52% and a net margin of 0.82%. On average, analysts anticipate that Global Partners will post 0.57 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in GLP. Barclays PLC acquired a new stake in shares of Global Partners in the fourth quarter valued at about $116,000. Tortoise Index Solutions LLC increased its position in Global Partners by 105.2% during the fourth quarter. Tortoise Index Solutions LLC now owns 9,527 shares of the energy company’s stock worth $155,000 after buying an additional 4,884 shares during the last quarter. Raymond James & Associates increased its position in Global Partners by 4.3% during the fourth quarter. Raymond James & Associates now owns 13,285 shares of the energy company’s stock worth $217,000 after buying an additional 550 shares during the last quarter. Fisher Asset Management LLC acquired a new position in Global Partners during the fourth quarter worth approximately $245,000. Finally, Commonwealth Equity Services LLC increased its position in Global Partners by 11.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 20,090 shares of the energy company’s stock worth $327,000 after buying an additional 2,018 shares during the last quarter. 40.20% of the stock is currently owned by institutional investors and hedge funds.

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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