Global Partners LP (NYSE:GLP) announced a quarterly dividend on Monday, July 30th, Wall Street Journal reports. Shareholders of record on Wednesday, August 8th will be paid a dividend of 0.475 per share by the energy company on Wednesday, August 8th. This represents a $1.90 dividend on an annualized basis and a yield of 9.31%. The ex-dividend date is Wednesday, August 8th. This is a boost from Global Partners’s previous quarterly dividend of $0.46.
Global Partners has decreased its dividend by an average of 9.9% annually over the last three years. Global Partners has a payout ratio of 327.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Global Partners to earn $0.41 per share next year, which means the company may not be able to cover its $1.90 annual dividend with an expected future payout ratio of 463.4%.
Shares of GLP opened at $20.40 on Wednesday. The stock has a market capitalization of $676.51 million, a price-to-earnings ratio of 14.68 and a beta of 1.11. Global Partners has a fifty-two week low of $15.16 and a fifty-two week high of $20.50. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.89 and a current ratio of 1.44.
GLP has been the topic of a number of research analyst reports. ValuEngine upgraded shares of Global Partners from a “sell” rating to a “hold” rating in a research report on Thursday, July 5th. Mitsubishi UFJ Financial Group increased their price objective on shares of Global Partners and gave the company an “underweight” rating in a research report on Friday, August 10th. Stifel Nicolaus restated a “hold” rating and set a $20.00 price objective (up previously from $17.00) on shares of Global Partners in a research report on Friday, August 10th. Barclays lowered their price objective on shares of Global Partners from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 17th. Finally, Zacks Investment Research upgraded shares of Global Partners from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research report on Monday. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $19.67.
About Global Partners
Global Partners LP, a midstream logistics and marketing company, distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers in the New England states and New York. It operates in three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.
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