Global Partners (NYSE:GLP) Downgraded by ValuEngine

Global Partners (NYSE:GLP) was downgraded by stock analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued to investors on Friday, ValuEngine reports.

Separately, Zacks Investment Research lowered Global Partners from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd.

Shares of GLP stock traded down $0.38 on Friday, reaching $19.95. 133,860 shares of the company’s stock were exchanged, compared to its average volume of 77,422. Global Partners has a 52 week low of $13.63 and a 52 week high of $21.62. The company has a current ratio of 1.33, a quick ratio of 0.72 and a debt-to-equity ratio of 3.55. The stock has a market capitalization of $691.02 million, a PE ratio of 11.53 and a beta of 0.90. The company’s fifty day simple moving average is $20.06 and its 200 day simple moving average is $19.87.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Thursday, November 7th. The energy company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.54. The firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.32 billion. Global Partners had a return on equity of 14.37% and a net margin of 0.45%. As a group, sell-side analysts predict that Global Partners will post 0.67 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. purchased a new position in shares of Global Partners in the 2nd quarter valued at $115,805,000. Advantage Investment Management LLC purchased a new position in shares of Global Partners in the 2nd quarter valued at $286,000. Arrow Investment Advisors LLC purchased a new position in shares of Global Partners in the 2nd quarter valued at $411,000. Van ECK Associates Corp increased its holdings in shares of Global Partners by 2.3% in the 2nd 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, Wells Fargo & Company MN increased its holdings in shares of Global Partners by 4.7% in the 2nd quarter. Wells Fargo & Company MN now owns 29,083 shares of the energy company’s stock valued at $579,000 after acquiring an additional 1,297 shares during the period. 38.16% of the stock is owned by institutional investors and hedge funds.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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