Global Partners LP (GLP) is scoring big gains on recently strong demand for refined energy products. Estimates are up big in the last 3 months, sending the company’s share price up more than 100%.

Company Description

Global Partners, LP, through its subsidiaries, is a wholesale and commercial distributor of refined petroleum products like gasoline, diesel and heating oil in the United States and internationally. The company has a market cap of $241 million.

In spite of the economic slowdown, demand for refined energy products is still strong, evidenced by GLobal Partners’ first-quarter results, reported on May 7.

First-Quarter Results

Sales were down sharply from last year to $1.6 billion. But income was up big, coming in at $18.9 million compared to $8.6 million last year, producing earnings of $1.40 per share, 59 cents ahead of the consensus.

Optimism Abound

Based upon the solid quarterly results, CEO Eric Slifka said that, “We continue to be optimistic about our prospects in 2009.”

Estimates Jump

The analyst community is also bullish on the company, with the current-year estimate recently getting a big upgrade and climbing 75 cents to $2.42 per share.

The Chart

Shares of GLP have been trending higher since bottoming out around $8.50 in early March, having since crossed the $20 mark before pulling back a bit. Take a look at the nice move below.

Zacks Investment Research
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