Global Partners (NYSE:GLP) Share Price Breaks Above 200-Day Moving Average – Here’s What Happened

Global Partners LP (NYSE:GLP)’s stock price crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $48.50 and traded as high as $49.74. Global Partners shares last traded at $48.5650, with a volume of 40,293 shares trading hands.

Wall Street Analyst Weigh In

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

Global Partners Price Performance

The firm has a market cap of $1.65 billion, a P/E ratio of 9.86 and a beta of 1.11. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 2.44. The firm has a 50-day simple moving average of $49.80 and a 200-day simple moving average of $48.49.

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

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 10th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date was Monday, August 10th. This is an increase from Global Partners’s previous quarterly dividend of $0.7650. Global Partners’s payout ratio is 63.54%.

Institutional Investors Weigh In On Global Partners

Large investors have recently made changes to their positions in the stock. Global Retirement Partners LLC acquired a new stake in Global Partners in the 2nd quarter valued at approximately $60,000. Compass Wealth Management LLC acquired a new stake in shares of Global Partners during the 3rd quarter worth about $93,000. CENTRAL TRUST Co acquired a new stake in Global Partners during the 1st quarter worth $105,000. Ieq Capital LLC purchased a new stake in Global Partners in the second quarter valued at approximately $117,000. Finally, Deutsche Bank AG purchased a new stake in Global Partners during the 2nd quarter valued at approximately $119,000. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

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.