Global Partners (NYSE:GLP) Releases Quarterly Earnings Results

Global Partners (NYSE:GLP) released its quarterly earnings results on Thursday. The energy company reported $0.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.28, Morningstar.com reports. Global Partners had a return on equity of 14.38% and a net margin of 0.45%. The firm had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $2.98 billion.

GLP traded down $0.18 during trading on Friday, reaching $19.69. 47,329 shares of the stock traded hands, compared to its average volume of 89,803. The company has a quick ratio of 0.70, a current ratio of 1.29 and a debt-to-equity ratio of 3.53. The stock has a market capitalization of $675.49 million, a PE ratio of 12.90 and a beta of 0.87. The company has a 50-day simple moving average of $20.05. Global Partners has a 12 month low of $13.63 and a 12 month high of $21.62.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Friday, August 9th will be given a dividend of $0.515 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.06 dividend on an annualized basis and a yield of 10.46%. This is a boost from Global Partners’s previous quarterly dividend of $0.51. Global Partners’s dividend payout ratio is 119.08%.

GLP has been the topic of several recent research reports. Zacks Investment Research downgraded Global Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Barclays downgraded Global Partners from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $19.00 to $18.00 in a research report on Tuesday, April 16th. Finally, ValuEngine downgraded Global Partners from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st.

Institutional investors and hedge funds have recently modified their holdings of the business. OppenheimerFunds Inc. lifted its position in Global Partners by 9.7% in the 1st quarter. OppenheimerFunds Inc. now owns 5,416,435 shares of the energy company’s stock valued at $106,487,000 after acquiring an additional 480,508 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in Global Partners by 7.5% in the second quarter. Kayne Anderson Capital Advisors LP now owns 2,343,759 shares of the energy company’s stock valued at $46,659,000 after acquiring an additional 164,000 shares during the period. First Trust Advisors LP lifted its holdings in Global Partners by 6.0% in the second quarter. First Trust Advisors LP now owns 297,387 shares of the energy company’s stock valued at $5,921,000 after acquiring an additional 16,839 shares during the period. Van ECK Associates Corp lifted its holdings in Global Partners by 2.3% in the second quarter. Van ECK Associates Corp now owns 65,091 shares of the energy company’s stock valued at $1,296,000 after acquiring an additional 1,448 shares during the period. Finally, Albert D Mason Inc. lifted its holdings in Global Partners by 45.3% in the first quarter. Albert D Mason Inc. now owns 49,915 shares of the energy company’s stock valued at $981,000 after acquiring an additional 15,555 shares during the period. 40.00% of the stock is currently owned by institutional investors and hedge funds.

About Global Partners

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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Earnings History for Global Partners (NYSE:GLP)

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