Global Partners (NYSE:GLP) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Global Partners LP (NYSE:GLP) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.32 and traded as high as $50.36. Global Partners shares last traded at $50.1250, with a volume of 149,257 shares.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GLP shares. Zacks Research downgraded shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Wall Street Zen cut Global Partners from a “strong-buy” rating to a “buy” rating in a research report on Saturday. 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 investment 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 stock presently has a consensus rating of “Hold” and a consensus price target of $46.00.

Global Partners Stock Performance

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 stock has a fifty day moving average price of $47.70 and a 200-day moving average price of $47.32. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 10.21 and a beta of 1.01.

Global Partners (NYSE:GLP) last announced its quarterly earnings data on Friday, August 7th. The energy company reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.62. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $7.51 billion. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. On average, analysts expect that Global Partners LP will post 4.71 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 10th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 6.2%. The ex-dividend date is Monday, August 10th. This is an increase from Global Partners’s previous quarterly dividend of $0.77. Global Partners’s payout ratio is presently 85.00%.

Institutional Investors Weigh In On Global Partners

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Global Partners during the second quarter worth $4,789,000. Deutsche Bank AG purchased a new stake in shares of Global Partners in the 2nd quarter worth about $119,000. Perigon Wealth Management LLC acquired a new stake in Global Partners in the 2nd quarter valued at about $165,000. Global Retirement Partners LLC purchased a new position in Global Partners during the 2nd quarter valued at about $60,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Global Partners in the second quarter valued at about $379,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

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.