ValuEngine Lowers Global Partners (NYSE:GLP) to Strong Sell

ValuEngine lowered shares of Global Partners (NYSE:GLP) from a sell rating to a strong sell rating in a report issued on Wednesday, ValuEngine reports.

Separately, Zacks Investment Research downgraded Global Partners from a buy rating to a hold rating in a research report on Wednesday, July 24th.

Shares of NYSE GLP opened at $19.07 on Wednesday. The company has a debt-to-equity ratio of 3.55, a current ratio of 1.33 and a quick ratio of 0.72. The stock’s fifty day moving average price is $19.52 and its two-hundred day moving average price is $19.64. Global Partners has a one year low of $13.63 and a one year high of $21.62. The firm has a market cap of $642.86 million, a price-to-earnings ratio of 12.28 and a beta of 0.89.

Global Partners (NYSE:GLP) last issued its quarterly earnings data on Thursday, August 8th. The energy company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.28. The firm had revenue of $3.51 billion for the quarter, compared to analyst estimates of $2.98 billion. Global Partners had a return on equity of 14.37% and a net margin of 0.45%. On average, equities analysts anticipate that Global Partners will post 0.62 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 9th were given a dividend of $0.515 per share. This represents a $2.06 dividend on an annualized basis and a dividend yield of 10.80%. This is an increase from Global Partners’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, August 8th. Global Partners’s dividend payout ratio (DPR) is 119.08%.

Several institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace North America L.P. acquired a new stake in Global Partners during the first quarter worth approximately $99,000. Delta Investment Management LLC acquired a new stake in Global Partners during the second quarter worth approximately $205,000. HITE Hedge Asset Management LLC acquired a new stake in Global Partners during the first quarter worth approximately $215,000. Advantage Investment Management LLC acquired a new stake in Global Partners in the second quarter valued at approximately $286,000. Finally, Moors & Cabot Inc. grew its stake in Global Partners by 82.8% in the second quarter. Moors & Cabot Inc. now owns 20,089 shares of the energy company’s stock valued at $401,000 after acquiring an additional 9,101 shares during the period. Institutional investors own 40.07% of the company’s stock.

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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