Kingstone Capital Partners Texas LLC Invests $178.72 Million in Global Partners LP $GLP

Kingstone Capital Partners Texas LLC purchased a new position in shares of Global Partners LP (NYSE:GLP) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,389,395 shares of the energy company’s stock, valued at approximately $178,723,000. Kingstone Capital Partners Texas LLC owned 0.10% of Global Partners as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. US Bancorp DE grew its stake in shares of Global Partners by 42.9% during the 1st quarter. US Bancorp DE now owns 2,037 shares of the energy company’s stock worth $109,000 after acquiring an additional 612 shares during the period. Inspire Advisors LLC bought a new position in shares of Global Partners during the 1st quarter worth $216,000. Silverberg Bernstein Capital Management LLC bought a new position in shares of Global Partners during the 1st quarter worth $222,000. Marcum Wealth LLC bought a new position in shares of Global Partners during the 1st quarter worth $356,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Global Partners during the 2nd quarter worth $408,000. Institutional investors own 38.12% of the company’s stock.

Analyst Ratings Changes

Separately, Zacks Research upgraded Global Partners to a “strong-buy” rating in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $56.00.

Global Partners Stock Down 2.2%

Shares of NYSE GLP opened at $49.75 on Friday. Global Partners LP has a 52 week low of $43.20 and a 52 week high of $60.00. The business has a 50-day simple moving average of $51.44 and a two-hundred day simple moving average of $51.79. The company has a quick ratio of 0.70, a current ratio of 1.18 and a debt-to-equity ratio of 2.74. The company has a market cap of $1.69 billion, a P/E ratio of 19.13 and a beta of 0.96.

Global Partners (NYSE:GLP) last issued its earnings results on Thursday, August 7th. The energy company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.05). Global Partners had a return on equity of 17.95% and a net margin of 0.64%.The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $5.98 billion. Research analysts anticipate that Global Partners LP will post 2.13 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 8th were given a dividend of $0.75 per share. This is a boost from Global Partners’s previous quarterly dividend of $0.75. The ex-dividend date was Friday, August 8th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.0%. Global Partners’s dividend payout ratio is 115.38%.

Insider Activity

In other news, COO Mark Romaine sold 9,000 shares of Global Partners stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $51.44, for a total transaction of $462,960.00. Following the completion of the sale, the chief operating officer owned 130,531 shares in the company, valued at approximately $6,714,514.64. This trade represents a 6.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 36,000 shares of company stock worth $1,860,601. Company insiders own 41.50% 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.