Leo Wealth LLC Buys New Position in Global Partners LP $GLP

Leo Wealth LLC bought a new position in shares of Global Partners LP (NYSE:GLP) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,500 shares of the energy company’s stock, valued at approximately $671,000.

A number of other hedge funds also recently added to or reduced their stakes in GLP. Compass Wealth Management LLC acquired a new position in shares of Global Partners in the third quarter worth $93,000. Tidal Investments LLC purchased a new stake in shares of Global Partners during the second quarter worth $273,000. Kestra Advisory Services LLC raised its stake in shares of Global Partners by 46.9% in the first quarter. Kestra Advisory Services LLC now owns 8,147 shares of the energy company’s stock valued at $343,000 after acquiring an additional 2,602 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Global Partners in the second quarter valued at $60,000. Finally, Spinnaker Trust boosted its holdings in Global Partners by 6.1% in the first quarter. Spinnaker Trust now owns 12,146 shares of the energy company’s stock valued at $511,000 after purchasing an additional 700 shares during the period. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Price Performance

GLP stock opened at $48.34 on Tuesday. The business has a 50 day moving average price of $49.77 and a 200 day moving average price of $47.82. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 9.87 and a beta of 1.11. Global Partners LP has a fifty-two week low of $39.58 and a fifty-two week high of $54.29. The company has a quick ratio of 0.71, a current ratio of 1.19 and a debt-to-equity ratio of 2.44.

Global Partners (NYSE:GLP) last announced its quarterly earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.62. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $7.51 billion. Global Partners had a return on equity of 30.87% and a net margin of 0.91%. Equities research analysts anticipate that Global Partners LP will post 6.02 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 10th were given a dividend of $0.78 per share. The ex-dividend date was Monday, August 10th. This represents a $3.12 annualized dividend and a dividend yield of 6.5%. This is a boost from Global Partners’s previous quarterly dividend of $0.7650. Global Partners’s payout ratio is presently 63.54%.

Analyst Ratings Changes

GLP has been the subject of several analyst reports. Weiss Ratings raised Global Partners from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, September 28th. Zacks Research downgraded Global Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Wall Street Zen raised Global Partners from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $46.00.

Global Partners Company Profile

Global Partners LP (NYSE: GLP) is an integrated energy company that owns, supplies, stores, transports and markets energy products. The company’s activities include the wholesale distribution of gasoline, diesel, distillates, residual oil, renewable fuels and other petroleum products, as well as the terminaling and storage of these products.

Global Partners serves customers primarily across the northeastern and mid-Atlantic United States. Its wholesale operations supply gasoline stations, commercial and industrial users, utilities, distributors and other energy customers.