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

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

Wall Street Analyst Weigh In

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

Global Partners Stock Performance

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

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

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 11th were given a dividend of $0.765 per share. This represents a $3.06 annualized dividend and a dividend yield of 6.6%. This is a boost from Global Partners’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend was Monday, May 11th. Global Partners’s payout ratio is 85.00%.

Hedge Funds Weigh In On Global Partners

A number of hedge funds have recently bought and sold shares of GLP. McMillan Office Inc. purchased a new stake in shares of Global Partners during the 4th quarter valued at about $29,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Global Partners during the fourth quarter valued at approximately $29,000. International Assets Investment Management LLC purchased a new position in shares of Global Partners during the fourth quarter valued at approximately $41,000. PNC Financial Services Group Inc. bought a new position in Global Partners during the third quarter valued at approximately $48,000. Finally, Smartleaf Asset Management LLC bought a new position in Global Partners during the fourth quarter valued at approximately $85,000. Hedge funds and other 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.