Global Partners (NYSE:GLP) Trading Up 7% – Here’s What Happened

Global Partners LP (NYSE:GLP)’s stock price rose 7% during trading on Tuesday . The company traded as high as $46.14 and last traded at $46.09. Approximately 110,720 shares were traded during mid-day trading, an increase of 76% from the average session volume of 63,047 shares. The stock had previously closed at $43.09.

Analyst Ratings Changes

GLP has been the topic of several research analyst reports. Weiss Ratings raised Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Zacks Research upgraded Global Partners from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Stifel Nicolaus increased their target price on Global Partners from $45.00 to $46.00 and gave the company a “hold” rating in a report on Monday, March 2nd. Finally, Wall Street Zen raised Global Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $46.00.

Global Partners Trading Up 7.0%

The company has a quick ratio of 0.64, a current ratio of 1.12 and a debt-to-equity ratio of 2.58. The firm has a market capitalization of $1.57 billion, a PE ratio of 12.80 and a beta of 1.02. The stock’s fifty day simple moving average is $47.47 and its 200 day simple moving average is $46.15.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Friday, May 8th. The energy company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $0.33 by $1.52. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $6.98 billion. On average, sell-side analysts predict that Global Partners LP will post 4.71 earnings per share for the current year.

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 11th were issued a $0.765 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.06 dividend on an annualized basis and a yield of 6.6%. This is an increase from Global Partners’s previous quarterly dividend of $0.76. Global Partners’s payout ratio is 85.00%.

Institutional Trading of Global Partners

Hedge funds have recently bought and sold shares of the stock. McMillan Office Inc. purchased a new stake in Global Partners in the fourth quarter worth about $29,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Global Partners during the 4th quarter valued at about $29,000. International Assets Investment Management LLC bought a new position in shares of Global Partners during the 4th quarter valued at approximately $41,000. PNC Financial Services Group Inc. purchased a new stake in Global Partners in the 3rd quarter worth approximately $48,000. Finally, Smartleaf Asset Management LLC purchased a new stake in Global Partners in the 4th quarter worth approximately $85,000. Institutional investors own 38.12% of the company’s stock.

Global Partners Company Profile

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.