Essex Financial Services Inc. Takes Position in Global Partners LP (NYSE:GLP)

Essex Financial Services Inc. bought a new stake in Global Partners LP (NYSE:GLP) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 10,000 shares of the energy company’s stock, valued at approximately $196,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. bought a new stake in shares of Global Partners in the 2nd quarter valued at about $115,805,000. Advantage Investment Management LLC bought a new stake in shares of Global Partners in the 2nd quarter valued at about $286,000. Arrow Investment Advisors LLC bought a new stake in shares of Global Partners in the 2nd quarter valued at about $411,000. Van ECK Associates Corp lifted its stake in shares of Global Partners by 2.3% in the 2nd quarter. Van ECK Associates Corp now owns 65,091 shares of the energy company’s stock valued at $1,296,000 after acquiring an additional 1,448 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of Global Partners by 4.7% in the 2nd quarter. Wells Fargo & Company MN now owns 29,083 shares of the energy company’s stock valued at $579,000 after acquiring an additional 1,297 shares during the last quarter. 38.16% of the stock is owned by institutional investors.

A number of research firms have recently weighed in on GLP. Zacks Investment Research lowered Global Partners from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. ValuEngine lowered Global Partners from a “sell” rating to a “strong sell” rating in a research note on Friday.

GLP opened at $19.95 on Friday. The business has a 50 day simple moving average of $20.06 and a two-hundred day simple moving average of $19.87. The firm has a market capitalization of $691.02 million, a price-to-earnings ratio of 11.53 and a beta of 0.90. The company has a debt-to-equity ratio of 3.55, a current ratio of 1.33 and a quick ratio of 0.72. Global Partners LP has a one year low of $13.63 and a one year high of $21.62.

Global Partners (NYSE:GLP) last released its quarterly earnings results on Thursday, November 7th. The energy company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.54. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.32 billion. Global Partners had a return on equity of 14.37% and a net margin of 0.45%. As a group, sell-side analysts expect that Global Partners LP will post 0.67 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 8th will be given a dividend of $0.52 per share. This is a positive change from Global Partners’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.08 dividend on an annualized basis and a yield of 10.43%. Global Partners’s dividend payout ratio is presently 119.08%.

Global Partners Company Profile

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 in the New England states and New York.

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Institutional Ownership by Quarter for Global Partners (NYSE:GLP)

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