Global Partners (NYSE:GLP) Trading Up 4% – Still a Buy?

Global Partners LP (NYSE:GLP)’s stock price shot up 4% during mid-day trading on Wednesday . The company traded as high as $47.82 and last traded at $47.82. 9,822 shares changed hands during trading, a decline of 90% from the average session volume of 99,961 shares. The stock had previously closed at $45.96.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus upped their price target on shares of Global Partners from $50.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, August 9th.

Global Partners Stock Performance

The firm has a market capitalization of $1.63 billion, a PE ratio of 17.09 and a beta of 1.38. The company has a quick ratio of 0.62, a current ratio of 1.10 and a debt-to-equity ratio of 2.52. The firm has a 50-day moving average price of $44.46 and a 200 day moving average price of $44.53.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Wednesday, August 7th. The energy company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.40). The firm had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $5.51 billion. Global Partners had a return on equity of 19.21% and a net margin of 0.71%. Research analysts expect that Global Partners LP will post 3.19 earnings per share for the current year.

Insider Transactions at Global Partners

In other news, insider Global Gp Llc acquired 1,300 shares of Global Partners stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $40.49 per share, for a total transaction of $52,637.00. Following the completion of the transaction, the insider now directly owns 194,281 shares in the company, valued at approximately $7,866,437.69. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders acquired 43,226 shares of company stock worth $1,872,989. Company insiders own 41.50% of the company’s stock.

Hedge Funds Weigh In On Global Partners

Several hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in Global Partners during the second quarter valued at about $41,000. Spinnaker Trust acquired a new stake in shares of Global Partners during the second quarter worth $203,000. Albert D Mason Inc. lifted its holdings in Global Partners by 6.6% in the second quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock worth $222,000 after acquiring an additional 300 shares during the last quarter. Stratos Wealth Advisors LLC bought a new position in Global Partners during the 3rd quarter worth $225,000. Finally, SVB Wealth LLC acquired a new stake in shares of Global Partners in the 1st quarter worth about $374,000. Hedge funds and other institutional investors own 38.12% 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. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.