Global Partners (NYSE:GLP) Price Target Raised to $54.00

Global Partners (NYSE:GLP) had its target price hoisted by Stifel Nicolaus from $51.00 to $54.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the energy company’s stock.

Global Partners Price Performance

NYSE GLP opened at $49.63 on Tuesday. The company has a market cap of $1.69 billion, a PE ratio of 14.99 and a beta of 1.38. Global Partners has a 1 year low of $32.51 and a 1 year high of $50.85. The company has a current ratio of 1.14, a quick ratio of 0.62 and a debt-to-equity ratio of 2.41. The stock’s 50-day moving average price is $46.10 and its two-hundred day moving average price is $44.72.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were issued a $0.73 dividend. This is an increase from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date was Friday, November 8th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 5.88%. Global Partners’s dividend payout ratio is currently 88.22%.

Insider Activity

In other Global Partners news, insider Global Gp Llc bought 2,400 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were bought at an average price of $41.88 per share, for a total transaction of $100,512.00. Following the acquisition, the insider now directly owns 196,681 shares of the company’s stock, valued at approximately $8,237,000.28. This trade represents a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have acquired 41,926 shares of company stock worth $1,820,352 in the last 90 days. Company insiders own 41.50% of the company’s stock.

Hedge Funds Weigh In On Global Partners

Hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in Global Partners in the second quarter worth approximately $41,000. Capital Performance Advisors LLP acquired a new position in Global Partners in the third quarter worth approximately $93,000. Spinnaker Trust acquired a new position in Global Partners in the second quarter worth approximately $203,000. Stratos Wealth Advisors LLC acquired a new position in Global Partners in the third quarter worth approximately $225,000. Finally, Albert D Mason Inc. boosted its position in Global Partners by 6.6% during the second quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock worth $222,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds 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.