Global Partners (NYSE:GLP) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Global Partners LP (NYSE:GLP)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $46.48 and traded as high as $51.96. Global Partners shares last traded at $50.54, with a volume of 57,310 shares traded.

Analyst Ratings Changes

Separately, Stifel Nicolaus boosted their price objective on Global Partners from $51.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th.

Global Partners Stock Performance

The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 15.27 and a beta of 1.47. The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 2.41. The stock has a 50-day moving average price of $50.98 and a 200 day moving average price of $46.48.

Global Partners (NYSE:GLP) last announced its quarterly earnings results on Friday, November 8th. The energy company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.40). The business had revenue of $4.42 billion during the quarter, compared to analyst estimates of $5.88 billion. Global Partners had a net margin of 0.82% and a return on equity of 22.07%. During the same period last year, the company earned $0.60 earnings per share. On average, analysts forecast that Global Partners LP will post 2.13 EPS for the current year.

Institutional Investors Weigh In On Global Partners

Several large investors have recently modified their holdings of GLP. Infrastructure Capital Advisors LLC raised its stake in shares of Global Partners by 57.7% during the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after purchasing an additional 51,630 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Global Partners by 9,171.6% during the third quarter. JPMorgan Chase & Co. now owns 70,464 shares of the energy company’s stock valued at $3,281,000 after acquiring an additional 69,704 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Global Partners by 2.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after buying an additional 725 shares during the last quarter. Stifel Financial Corp boosted its stake in Global Partners by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock worth $1,478,000 after buying an additional 2,166 shares during the last quarter. Finally, Fiducient Advisors LLC acquired a new stake in Global Partners in the 3rd quarter worth about $474,000. 38.12% 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. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.