Zacks: Brokerages Expect Global Partners LP (NYSE:GLP) Will Post Quarterly Sales of $2.98 Billion

Brokerages expect Global Partners LP (NYSE:GLP) to post $2.98 billion in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Global Partners’ earnings, with estimates ranging from $2.92 billion to $3.03 billion. Global Partners reported sales of $3.13 billion in the same quarter last year, which indicates a negative year over year growth rate of 4.8%. The business is expected to announce its next quarterly earnings results on Thursday, August 8th.

According to Zacks, analysts expect that Global Partners will report full year sales of $12.12 billion for the current financial year, with estimates ranging from $10.89 billion to $12.83 billion. For the next financial year, analysts anticipate that the business will report sales of $12.71 billion, with estimates ranging from $10.36 billion to $13.97 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Global Partners.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Thursday, May 9th. The energy company reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.04. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.08 billion. Global Partners had a return on equity of 12.35% and a net margin of 0.40%.

GLP has been the subject of a number of research analyst reports. Barclays reiterated a “hold” rating and set a $19.00 price target on shares of Global Partners in a research report on Friday, March 8th. Zacks Investment Research upgraded Global Partners from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Tuesday, March 12th. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company presently has an average rating of “Hold” and an average price target of $19.75.

Shares of GLP opened at $19.91 on Friday. The company has a market cap of $686.12 million, a P/E ratio of 11.51 and a beta of 0.89. The company has a current ratio of 1.29, a quick ratio of 0.70 and a debt-to-equity ratio of 3.53. The firm’s 50-day simple moving average is $20.10. Global Partners has a 12-month low of $13.63 and a 12-month high of $21.62.

A number of large investors have recently added to or reduced their stakes in the stock. Raymond James & Associates lifted its position in Global Partners by 4.3% in the 4th 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. Commonwealth Equity Services LLC lifted its position in Global Partners by 11.2% in the 4th 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. Tortoise Index Solutions LLC increased its stake in Global Partners by 105.2% in the 4th quarter. Tortoise Index Solutions LLC now owns 9,527 shares of the energy company’s stock worth $155,000 after purchasing an additional 4,884 shares during the period. Marshall Wace North America L.P. purchased a new position in Global Partners in the 1st quarter worth approximately $99,000. Finally, Barclays PLC purchased a new position in Global Partners in the 4th quarter worth approximately $116,000. Institutional investors own 39.49% of the company’s stock.

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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