Global Partners (NYSE:GLP) Price Target Raised to $54.00

Global Partners (NYSE:GLP) had its target price lifted by stock analysts at Stifel Nicolaus from $51.00 to $54.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the energy company’s stock. Stifel Nicolaus’ target price suggests a potential upside of 12.01% from the stock’s current price.

Global Partners Stock Down 2.2 %

NYSE GLP traded down $1.06 on Tuesday, hitting $48.21. The stock had a trading volume of 22,463 shares, compared to its average volume of 98,732. Global Partners has a 52-week low of $31.33 and a 52-week high of $50.85. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.10 and a quick ratio of 0.62. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 14.56 and a beta of 1.38. The business’s fifty day moving average price is $45.81 and its 200 day moving average price is $44.69.

Insider Buying and Selling at Global Partners

In other news, insider Global Gp Llc purchased 2,400 shares of Global Partners stock in a transaction dated Monday, August 19th. The shares were bought at an average cost of $41.88 per share, with a total value of $100,512.00. Following the completion of the transaction, the insider now directly owns 196,681 shares in the company, valued at $8,237,000.28. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have bought 43,226 shares of company stock worth $1,872,989. 41.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Global Partners

A number of hedge funds have recently bought and sold shares of the company. Granite Bay Wealth Management LLC raised its stake in shares of Global Partners by 6,200.0% during the 2nd quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock worth $14,541,000 after buying an additional 310,000 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Global Partners by 2.2% in the third 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 period. Gilman Hill Asset Management LLC grew its holdings in Global Partners by 17.8% in the 2nd quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock worth $1,436,000 after buying an additional 4,760 shares in the last quarter. Leo Wealth LLC boosted its stake in shares of Global Partners by 45.0% during the 1st quarter. Leo Wealth LLC now owns 14,500 shares of the energy company’s stock worth $647,000 after acquiring an additional 4,500 shares in the last quarter. Finally, Fiducient Advisors LLC acquired a new position in Global Partners during the third quarter worth $474,000. 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.