Global Partners (NYSE:GLP) Announces Quarterly Earnings Results

Global Partners (NYSE:GLP) issued its quarterly earnings results on Friday. The energy company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.43), Zacks reports. Global Partners had a net margin of 0.64% and a return on equity of 17.95%. The company had revenue of $4.69 billion for the quarter, compared to analyst estimates of $7.21 billion.

Global Partners Price Performance

Shares of NYSE:GLP traded down $2.27 during trading on Friday, reaching $42.24. 85,305 shares of the company’s stock traded hands, compared to its average volume of 65,442. The company has a quick ratio of 0.70, a current ratio of 1.18 and a debt-to-equity ratio of 2.74. Global Partners has a fifty-two week low of $39.70 and a fifty-two week high of $60.00. The company has a 50-day simple moving average of $47.85 and a 200-day simple moving average of $50.38. The firm has a market cap of $1.44 billion, a PE ratio of 16.25 and a beta of 0.98.

Global Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Monday, November 10th will be paid a dividend of $0.755 per share. This represents a $3.02 annualized dividend and a dividend yield of 7.2%. The ex-dividend date of this dividend is Monday, November 10th. This is an increase from Global Partners’s previous quarterly dividend of $0.75. Global Partners’s dividend payout ratio is currently 116.15%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Global Partners in a research note on Wednesday, October 8th. Zacks Research cut Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Wall Street Zen downgraded Global Partners from a “buy” rating to a “hold” rating in a report on Saturday. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $56.00.

Insider Transactions at Global Partners

In other news, COO Mark Romaine sold 9,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $51.44, for a total value of $462,960.00. Following the completion of the sale, the chief operating officer directly owned 130,531 shares in the company, valued at $6,714,514.64. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 41.50% of the company’s stock.

Institutional Investors Weigh In On Global Partners

A number of institutional investors have recently added to or reduced their stakes in GLP. Bank of America Corp DE lifted its holdings in Global Partners by 0.9% during the second quarter. Bank of America Corp DE now owns 137,822 shares of the energy company’s stock valued at $7,267,000 after purchasing an additional 1,227 shares in the last quarter. Jane Street Group LLC purchased a new position in Global Partners in the 1st quarter valued at $862,000. Geneos Wealth Management Inc. lifted its holdings in Global Partners by 89.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company’s stock valued at $224,000 after purchasing an additional 2,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. acquired a new stake in Global Partners during the 3rd quarter worth $48,000. Institutional investors and hedge funds own 38.12% of the company’s stock.

Global Partners Company Profile

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.