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Global Partners Lp (GLP)
NYSE:GLP
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Global Partners (GLP) AI Stock Analysis

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GLP

Global Partners

(NYSE:GLP)

Rating:65Neutral
Price Target:
$56.00
▲(7.82%Upside)
Global Partners receives a score of 65, driven primarily by its solid earnings recovery and reasonable valuation. Financial performance highlights opportunities and risks, particularly around leverage and profitability margins, while technical analysis indicates some caution in market trends.
Positive Factors
Infrastructure Flexibility
Global's infrastructure system is flexible and can source crude from numerous supply points, such as the US, Canada, Europe, and the Caribbean.
M&A Opportunities
Management believes the M&A market continues to be busy and will continue to look at deals that provide value to the partnership.
Market Performance
GLP units have increased 23% compared to the AMZ's 10% increase.
Negative Factors
Financial Performance
GLP posted 4Q24 results below expectations, driven by lower fuel margins in GDSO.
Tariff Concerns
GLP is currently evaluating potential scenarios around Canadian tariffs, as increased costs are likely.
Valuation
GLP is considered fairly valued, leading to a downgrade from Buy to Hold.

Global Partners (GLP) vs. SPDR S&P 500 ETF (SPY)

Global Partners Business Overview & Revenue Model

Company DescriptionGlobal 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, Mid-Atlantic region, and New York. The company is also involved in the transportation of petroleum products and renewable fuels through rail from the mid-continent region of the United States and Canada. Its Wholesale segment sells home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene, residual oil, and propane to home heating oil retailers and wholesale distributors. It also aggregates crude oil through truck or pipeline in the mid-continent region of the United States and Canada, as well as transports it through rail and ships it through barge to refiners. The company's Gasoline Distribution and Station Operations segment sells branded and unbranded gasoline to gasoline station operators and sub-jobbers; operates gasoline stations and convenience stores; and provides car wash, lottery, and ATM services, as well as leases gasoline stations. Its Commercial segment sells and delivers unbranded gasoline, home heating oil, diesel, kerosene, residual oil, and bunker fuel to customers in the public sector, as well as to commercial and industrial end-users; and sells custom blended fuels. As of December 31, 2021, the company had a portfolio of 1,595 owned, leased, and supplied gasoline stations, which included 295 directly operated convenience stores; and owned, leased, or maintained storage facilities at 26 bulk terminals with a collective storage capacity of 11.9 million barrels. Global GP LLC serves as the general partner of the company. The company was incorporated in 2005 and is based in Waltham, Massachusetts.
How the Company Makes MoneyGlobal Partners LP generates revenue through multiple streams, primarily focusing on the wholesale distribution and retail sale of petroleum products. The company earns income by purchasing gasoline and other refined products at lower prices and selling them at a markup to retail outlets, including the convenience stores it owns and operates. GLP also profits from logistic services, such as transporting and storing fuel products. Strategic partnerships with oil producers and retailers, along with a vast network of storage and distribution facilities, significantly contribute to GLP's earnings by ensuring a steady supply and efficient delivery of energy products.

Global Partners Earnings Call Summary

Earnings Call Date:May 08, 2025
(Q1-2025)
|
% Change Since: 5.14%|
Next Earnings Date:Aug 01, 2025
Earnings Call Sentiment Positive
The earnings call reveals a strong first quarter with significant improvements in net income and EBITDA. The wholesale segment and gasoline distribution business performed well, contributing to overall growth. However, there were challenges with decreased station operations product margin and increased expenses. Overall, the highlights notably outweigh the lowlights.
Q1-2025 Updates
Positive Updates
Strong Financial Performance
Net income for Q1 2025 was $18.7 million, a significant improvement from a net loss of $5.6 million in Q1 2024. EBITDA increased to $91.9 million from $56.9 million, and adjusted EBITDA increased to $91.1 million from $56 million.
Increased Cash Distribution
The Board increased the quarterly cash distribution on common units to $0.7450 per unit, equating to $2.98 on an annualized basis. The distribution will be paid on May 15th to unitholders as of May 9th.
Wholesale Segment Growth
First quarter 2025 product margin in the wholesale segment increased by $44.2 million to $93.6 million, driven by more favorable market conditions and strategic acquisitions of terminals.
Gasoline Distribution Success
Product margin from gasoline distribution increased by $4.2 million to $125.8 million, with fuel margins increasing $0.02 per gallon to $0.35 in Q1 2025 from $0.33 in Q1 2024.
Negative Updates
Decrease in Station Operations Product Margin
Station operations product margin decreased by $4 million to $62.1 million in Q1 2025 due to the sales and conversions of certain company-operated sites.
Increased Operating and Interest Expenses
Operating expenses increased by $6.6 million to $126.7 million, and interest expense was $36 million, up $6.3 million from last year, primarily due to higher average balances on credit facilities.
Company Guidance
During the Global Partners First Quarter 2025 Financial Results Conference Call, the company provided guidance on several key metrics demonstrating significant growth. Net income for the quarter was $18.7 million, a notable recovery from a net loss of $5.6 million in the previous year. EBITDA rose to $91.9 million from $56.9 million, while adjusted EBITDA increased to $91.1 million from $56 million. Distributable cash flow was $45.7 million, up from $15.8 million, and adjusted ECF reached $46.4 million compared to $16 million last year. The wholesale segment was highlighted as the primary growth driver, with product margin increasing by $44.2 million to $93.6 million. The gasoline distribution product margin rose by $4.2 million to $125.8 million, largely due to improved fuel margins, which increased by $0.02 to $0.35 per gallon. Despite a $4 million decrease in station operations product margin to $62.1 million, the company remained focused on portfolio optimization, including a reduction of 40 company-operated sites. The company also announced an increased quarterly cash distribution on common units to $0.7450 per unit, equating to $2.98 on an annualized basis, reflecting its commitment to returning cash to unitholders.

Global Partners Financial Statement Overview

Summary
Global Partners exhibits a mixed financial landscape. While there is robust revenue growth, profitability margins and leverage pose potential risks. The company's ability to manage debt and generate consistent free cash flow will be crucial for sustaining financial health. Strategic focus on reducing debt levels and improving profit margins could enhance overall financial stability.
Income Statement
65
Positive
Global Partners shows a mixed performance in their income statement. Gross profit margin and EBIT margin have experienced fluctuations over the years, with the TTM figures indicating some recovery. However, net profit margin has decreased significantly compared to previous years. Revenue growth from the previous year to TTM is strong at 26.71%, indicating a positive trajectory in revenue generation.
Balance Sheet
60
Neutral
The balance sheet reveals a stable yet concerning position with a high debt-to-equity ratio, indicating significant leverage risk. The equity ratio is relatively low, showing limited equity relative to total assets. Return on equity has been declining, suggesting challenges in generating returns for shareholders.
Cash Flow
55
Neutral
Cash flow analysis indicates volatility with free cash flow showing significant fluctuations. The operating cash flow to net income ratio is strong, suggesting effective cash generation from operations relative to net income. However, free cash flow growth has been inconsistent, which could pose challenges for future investments.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue17.16B16.49B18.88B13.25B8.32B
Gross Profit1.06B513.83M1.10B719.26M721.14M
EBITDA389.39M356.36M565.08M244.46M285.24M
Net Income107.69M152.51M362.21M60.80M102.21M
Balance Sheet
Total Assets3.79B3.45B3.16B2.83B2.54B
Cash, Cash Equivalents and Short-Term Investments8.21M19.64M4.04M10.85M9.71M
Total Debt2.03B1.54B1.43B1.57B1.49B
Total Liabilities3.07B2.65B2.37B2.30B2.05B
Stockholders Equity713.52M798.83M788.44M-1.90M1.60M
Cash Flow
Free Cash Flow-286.78M110.42M373.20M-51.50M236.19M
Operating Cash Flow31.60M512.44M480.00M50.22M312.53M
Investing Cash Flow-276.87M-492.38M-236.19M-115.05M-69.73M
Financing Cash Flow233.84M-4.46M-250.61M65.97M-245.13M

Global Partners Technical Analysis

Technical Analysis Sentiment
Positive
Last Price51.94
Price Trends
50DMA
52.17
Negative
100DMA
51.74
Positive
200DMA
50.73
Positive
Market Momentum
MACD
-0.31
Positive
RSI
48.99
Neutral
STOCH
53.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GLP, the sentiment is Positive. The current price of 51.94 is above the 20-day moving average (MA) of 51.90, below the 50-day MA of 52.17, and above the 200-day MA of 50.73, indicating a neutral trend. The MACD of -0.31 indicates Positive momentum. The RSI at 48.99 is Neutral, neither overbought nor oversold. The STOCH value of 53.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GLP.

Global Partners Peers Comparison

Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
72
Outperform
$2.36B14.77542.39%9.98%-8.79%7.75%
65
Neutral
$1.77B16.4916.23%5.65%6.04%18.28%
55
Neutral
$2.01B-14.83%3.92%-17.81%-590.48%
52
Neutral
C$2.95B-1.54-3.48%6.65%3.17%-49.19%
49
Neutral
$468.58M5.86-28.13%-4.69%-418.50%
44
Neutral
$572.94M4.63%-19.76%-323.41%
40
Underperform
$112.48M33.55-6.93%0.69%-1.06%-340.61%
* Energy Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GLP
Global Partners
51.94
13.88
36.47%
GEL
Genesis Energy
16.44
2.88
21.24%
MMLP
Martin Midstream
2.87
-0.62
-17.77%
NGL
NGL Energy Partners
4.34
-0.34
-7.26%
SMC
Summit Midstream
25.27
-11.66
-31.57%
DKL
Delek Logistics
44.13
7.21
19.53%

Global Partners Corporate Events

Dividends
Global Partners Announces Quarterly Cash Distribution
Neutral
Jul 14, 2025

On July 14, 2025, Global Partners LP announced a quarterly cash distribution of $0.59375 per unit for its 9.50% fixed-rate Series B preferred units, covering the period from May 15, 2025, through August 14, 2025. This distribution will be paid on August 15, 2025, to unitholders of record as of August 1, 2025. The announcement also included information for brokers and nominees holding units on behalf of non-U.S. investors, indicating that distributions are subject to federal income tax withholding.

The most recent analyst rating on (GLP) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Global Partners Completes $450M Senior Notes Placement
Positive
Jun 23, 2025

On June 23, 2025, Global Partners LP and GLP Finance Corp. completed a private placement of $450 million in senior notes due 2033, with an interest rate of 7.125% per annum. The proceeds from this issuance were used to fund a cash tender offer for the company’s outstanding 7.00% senior notes due 2027 and to repay part of the borrowings under the company’s credit agreement. This strategic financial maneuver is expected to optimize the company’s debt structure and potentially improve its financial stability.

The most recent analyst rating on (GLP) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Global Partners Announces Tender Offer Results
Neutral
Jun 17, 2025

On June 17, 2025, Global Partners LP announced the expiration and results of its cash tender offer to purchase outstanding 7.00% senior notes due 2027, which expired on June 16, 2025. The company received valid tenders for 90.08% of the principal amount, amounting to $360.316 million. Global Partners plans to use proceeds from the issuance of new 7.125% senior unsecured notes due 2033 to finance the purchase of the tendered notes, with the transaction expected to close on June 23, 2025. This move is part of Global’s strategic financial management to optimize its debt structure.

The most recent analyst rating on (GLP) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Global Partners Announces Cash Tender Offer Pricing
Neutral
Jun 16, 2025

On June 16, 2025, Global Partners LP announced the pricing terms of a cash tender offer to purchase all outstanding 7.00% senior notes due 2027. The offer, which was scheduled to expire on the same day, is part of a strategic move to manage the company’s debt, with potential implications for its financial stability and market positioning. The company plans to fund the purchase with proceeds from a contemporaneous senior notes offering, and if not all notes are purchased, intends to redeem any remaining notes by August 1, 2025.

The most recent analyst rating on (GLP) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Global Partners Announces $450M Senior Notes Sale
Positive
Jun 11, 2025

On June 10, 2025, Global Partners LP announced a purchase agreement to sell $450 million in senior notes due 2033, with the proceeds aimed at funding a tender offer for its existing $400 million senior notes due 2027 and repaying part of its credit agreement borrowings. This strategic financial maneuver is expected to optimize the company’s debt profile and potentially enhance its market positioning by addressing its outstanding obligations.

The most recent analyst rating on (GLP) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Global Partners Announces $400M Senior Notes Offering
Neutral
Jun 10, 2025

On June 10, 2025, Global Partners LP announced its intention to initiate a private offering of $400 million in senior unsecured notes due 2033. The proceeds from this offering, along with cash on hand, are intended to fund a cash tender offer to purchase all outstanding $400 million of its 7.00% senior notes due 2027. If the tender offer is not fully completed, Global plans to use the remaining proceeds to redeem any outstanding 2027 notes by August 1, 2025. This strategic financial move is aimed at optimizing the company’s debt structure and potentially improving its financial flexibility.

The most recent analyst rating on (GLP) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.

Executive/Board Changes
Global Partners Appoints New Vice Chairman
Neutral
May 30, 2025

On May 25, 2025, Global Partners LP, a company involved in the energy industry, announced the appointment of Thomas P. Jalkut to its Board following the passing of Richard Slifka. Mr. Jalkut, a partner at Nutter McClennen and Fish LLP, brings extensive experience in estate planning and trust administration. Eric Slifka has been appointed as the new Chairman, while Mr. Jalkut will serve as Vice Chairman, potentially impacting the company’s governance and strategic direction.

The most recent analyst rating on (GLP) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on Global Partners stock, see the GLP Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Global Partners Reports Strong Q1 2025 Financial Results
Positive
May 8, 2025

On May 8, 2025, Global Partners LP reported strong financial results for the first quarter of 2025, with a net income of $18.7 million compared to a net loss in the same period of 2024. The company’s diversified portfolio, particularly its Wholesale segment, showed robust performance due to favorable market conditions and strategic asset integration. The results highlight Global Partners’ ability to leverage its integrated model and scale to capitalize on market opportunities, positioning it for continued growth and resilience amidst market volatility.

Dividends
Global Partners Announces Q1 2025 Cash Distribution
Positive
Apr 25, 2025

On April 25, 2025, Global Partners LP announced a quarterly cash distribution of $0.7450 per unit for the first quarter of 2025. The distribution, amounting to $2.98 on an annualized basis, will be paid on May 15, 2025, to unitholders of record as of May 9, 2025. This announcement reflects the company’s ongoing commitment to providing value to its stakeholders and maintaining its position as a key player in the energy sector.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 23, 2025