Global Partners LP (NYSE:GLP – Get Free Report) shares rose 7.5% on Tuesday . The stock traded as high as $49.87 and last traded at $49.71. Approximately 29,569 shares changed hands during trading, a decline of 55% from the average daily volume of 65,776 shares. The stock had previously closed at $46.26.
Analyst Ratings Changes
Separately, Stifel Nicolaus raised their target price on shares of Global Partners from $51.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, November 12th.
View Our Latest Report on Global Partners
Global Partners Stock Up 5.0 %
Global Partners Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 8th were given a dividend of $0.73 per share. This is an increase from Global Partners’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 5.61%. The ex-dividend date of this dividend was Friday, November 8th. Global Partners’s dividend payout ratio is currently 88.22%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Infrastructure Capital Advisors LLC boosted its stake in shares of Global Partners by 57.7% in the 3rd quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock valued at $6,572,000 after purchasing an additional 51,630 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Global Partners by 9,171.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 70,464 shares of the energy company’s stock valued at $3,281,000 after purchasing an additional 69,704 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Global Partners by 2.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock valued at $1,548,000 after purchasing an additional 725 shares during the last quarter. Stifel Financial Corp boosted its position in Global Partners by 7.3% in the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock valued at $1,478,000 after buying an additional 2,166 shares in the last quarter. Finally, Fiducient Advisors LLC bought a new stake in shares of 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.
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