Global Partners LP (GLP) Moves 12.2% Higher: Will This Strength Last?

Global Partners LP (GLP) shares ended the last trading session 12.2% higher at $33.58. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 20.9% gain over the past four weeks.

Units of Global Partners LP went up for the fifth straight day. The overall bullishness and rally on the last day could be attributed to the firm’s recent announcement of increasing its distribution by 3.3% to 62.5 cents per unit, payable on Nov 14, 2022, to stockholders of record at the close of the business on Nov 8, 2022. Moreover, continued high energy prices have contributed to the strength of Global Partners, an American energy supply firm focused on importing of petroleum products and marketing them in North America, along with wholesaling products like crude oil, diesel oil, gasoline, heating oil, and kerosene.

This company is expected to post quarterly earnings of $1.33 per share in its upcoming report, which represents a year-over-year change of +54.7%. Revenues are expected to be $4.11 billion, up 23.8% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Global Partners LP, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on GLP going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Global Partners LP is a member of the Zacks Oil and Gas - Refining and Marketing - Master Limited Partnerships industry. One other stock in the same industry, Calumet Specialty Products Partners, L.P. (CLMT), finished the last trading session 5.1% higher at $19.88. CLMT has returned 47.7% over the past month.

For Calumet Specialty Products Partners, L.P. , the consensus EPS estimate for the upcoming report has changed +666.7% over the past month to $0.46. This represents a change of -28.1% from what the company reported a year ago. Calumet Specialty Products Partners, L.P. currently has a Zacks Rank of #3 (Hold).

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