Global Partners (NYSE:GLP) Hits New 12-Month High – Still a Buy?

Shares of Global Partners LP (NYSE:GLP) hit a new 52-week high on Tuesday . The company traded as high as $53.16 and last traded at $53.07, with a volume of 15128 shares. The stock had previously closed at $52.70.

Wall Street Analyst Weigh In

Several research firms recently commented on GLP. Zacks Research lowered shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Weiss Ratings restated a “buy (b-)” rating on shares of Global Partners in a report on Friday, August 21st. Finally, Wall Street Zen raised Global Partners from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $46.00.

Global Partners Trading Up 0.8%

The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.71 and a current ratio of 1.19. The business has a fifty day simple moving average of $49.48 and a 200 day simple moving average of $47.95. The company has a market cap of $1.81 billion, a P/E ratio of 10.82 and a beta of 1.06.

Global Partners (NYSE:GLP) last posted its quarterly earnings results on Friday, August 7th. The energy company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.24 by $0.62. Global Partners had a net margin of 0.91% and a return on equity of 30.87%. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $7.51 billion. Analysts anticipate that Global Partners LP will post 5.87 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 10th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 5.9%. This is a positive change from Global Partners’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend was Monday, August 10th. Global Partners’s dividend payout ratio is presently 63.54%.

Hedge Funds Weigh In On Global Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alps Advisors Inc. increased its holdings in shares of Global Partners by 4.9% during the fourth quarter. Alps Advisors Inc. now owns 5,999,844 shares of the energy company’s stock valued at $251,093,000 after purchasing an additional 277,875 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Global Partners by 4.6% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,937,895 shares of the energy company’s stock worth $93,019,000 after buying an additional 85,347 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Global Partners during the second quarter valued at $4,789,000. Goldman Sachs Group Inc. raised its holdings in shares of Global Partners by 12.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 608,283 shares of the energy company’s stock valued at $25,457,000 after acquiring an additional 67,337 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Global Partners by 13.1% during the 4th quarter. JPMorgan Chase & Co. now owns 440,167 shares of the energy company’s stock valued at $18,421,000 after purchasing an additional 50,890 shares during the period. 38.12% of the stock is owned by institutional investors.

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.