Some Investing Thoughts On Global Partners LP (NYSE: GLP)

Pallas Capital Advisors LLC has recently announced that it has increased stake in Global Partners LP (NYSE:GLP) by 2.71%. After grabbing 1.38 million shares, the institutional investor is now in possession of 36458.0 shares of the Energy Company. The new investment brought the stake of investor firm to 4.07% having worth around $45.39 million. Moreover, ING Bank NV increased its share by 43800.0 to have a control over 85800.0 shares. And Bramshill Investments LLC raised its holdings to 3334.0 shares by acquiring 65529.0 shares or 0.19% of the stake.

Global Partners LP (GLP) concluded trading on 01/11/23 at a closing price of $33.33, with 0.44 million shares of worth about $14.64 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 43.11% during that period and on Wednesday the price saw a gain of about 4.09%. Currently the company’s common shares owned by public are about 33.92M shares, out of which, 27.05M shares are available for trading.

A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 2 analysts are covering the GLP stock and their offered price forecasts bring an average price target of $35.00. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $35.00 and could fall to a lowest price of $35.00. The stock’s current price level is 4.77% above of average price target set by the analysts, while a rise to estimated low would result in gain of 4.77% for the stock. However, touching the estimated high of $35.00 would mean a gain of 4.77% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 31 times over the past 12 months. They bought 256,696 shares in 24 of the transactions. In 7 selling transactions, insiders dumped 256,684 shares.

Invesco SteelPath MLP Income Fund, Invesco SteelPath MLP Select 40 F, and Global X SuperDividend US ETF are the top 3 mutual funds which are holding stakes in Global Partners LP Invesco SteelPath MLP Income Fund is currently holding 3.93 million shares of worth totaling $129.14 million. The company recently came buying 0.4 million shares which brought its stake up to 11.57% of the company’s outstanding shares. Invesco SteelPath MLP Select 40 F sold -0.4 million shares, after which its hold over company’s outstanding shares shrunk to 5.42%, leaving 1.84 million shares with the mutual fund that have a worth of about $60.49 million. Global X SuperDividend US ETF, after buying 0.26 million shares, have now control over 0.77% of the stake in the company. It holds 0.0 shares of worth $8.56 million.

Global Partners LP (NYSE: GLP) started trading at $31.80, below -$0.22 from concluding price of the previous day. However, the stock later moved at a day high price of 33.55, or with a gain of 4.09%. Stock saw a price change of 4.68% in past 5 days and over the past one month there was a price change of 1.93%. Year-to-date (YTD), GLP shares are showing a performance of -4.14% which increased to 32.63% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $20.23 but also hit the highest price of $36.30 during that period. The average intraday trading volume for Global Partners LP shares is 221.90K. The stock is currently trading -0.75% below its 20-day simple moving average (SMA20), while that difference is up 3.45% for SMA50 and it goes to 18.12% higher than SMA200.

Pallas Capital Advisors LLC acquired 1.38 million shares of Global Partners LP having value of about $45.39 million. Data submitted at the U.S SEC by Pallas Capital Advisors LLC revealed that the firm now holds 36458.0 shares in the company valued at close to $1215145.14, or have control over 2.71% stake in the company. Global Partners LP (NYSE: GLP) currently have 33.92M outstanding shares and institutions hold larger chunk of about 28.40% of that. Holding of mutual funds in the company is about 46.25% while other institutional holders and individual stake holders have control over 9.19% and 18.41% of the stake respectively.

The stock has a current market capitalization of $1.13B and its 3Y-monthly beta is at 1.32. PE ratio of stock for trailing 12 months is 3.74, while it has posted earnings per share of $8.92 in the same period. It has Quick Ratio of 0.70 while making debt-to-equity ratio of 1.61. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for GLP, volatility over the week remained 3.09% while standing at 4.01% over the month.

Analysts are in expectations that Global Partners LP (GLP) stock would likely to be making an EPS of $1.33 in the current quarter, while forecast for next quarter EPS is $0.47 and it is $2.91 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.33 which is $1.33 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.86 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -52.10% while it is estimated to decrease by -67.61% in next year.

Analysts at 2 brokerage firms have issued recommendations for the Global Partners LP (GLP)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 2 Wall Street analysts, 1 recommended a “Buy” rating, while 1 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Stifel on November 08, 2022 offering a Buy rating for the stock and assigned a target price range of between $28 and $35 to it. Coverage by Barclays stated Global Partners LP (GLP) stock as an Underweight in their note to investors on August 09, 2021, suggesting a price target of $21 for the stock. On March 24, 2020, Barclays Upgrade their recommendations, while on January 29, 2020, JP Morgan Downgrade their ratings for the stock with a price target of $21. Stock get an Underweight rating from Wells Fargo on January 07, 2020.