ING Groep NV Invests $1.30 Million in Global Partners LP $GLP

ING Groep NV purchased a new stake in Global Partners LP (NYSE:GLP) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 27,000 shares of the energy company’s stock, valued at approximately $1,296,000. ING Groep NV owned about 0.08% of Global Partners at the end of the most recent quarter.

Several other large investors also recently modified their holdings of GLP. State of Wyoming grew its stake in Global Partners by 110.2% during the third quarter. State of Wyoming now owns 2,304 shares of the energy company’s stock worth $111,000 after purchasing an additional 1,208 shares during the period. First Horizon Corp bought a new stake in shares of Global Partners during the third quarter worth about $120,000. Traub Capital Management LLC purchased a new stake in shares of Global Partners in the second quarter worth approximately $192,000. Geneos Wealth Management Inc. lifted its stake in Global Partners by 89.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company’s stock valued at $224,000 after acquiring an additional 2,000 shares in the last quarter. Finally, MGO One Seven LLC bought a new position in shares of Global Partners during the second quarter valued at about $227,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GLP has been the topic of several research analyst reports. Wall Street Zen cut Global Partners from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Stifel Nicolaus lowered their price objective on shares of Global Partners from $53.00 to $45.00 and set a “hold” rating on the stock in a research report on Tuesday, November 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Global Partners in a research report on Monday, December 29th. Finally, Zacks Research upgraded shares of Global Partners from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 6th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $45.00.

Global Partners Stock Performance

NYSE GLP opened at $48.53 on Friday. The firm has a market cap of $1.65 billion, a P/E ratio of 23.22 and a beta of 1.00. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 2.75. The company’s 50 day moving average is $44.36 and its 200-day moving average is $46.53. Global Partners LP has a 12-month low of $39.58 and a 12-month high of $60.00.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Monday, February 9th were issued a $0.76 dividend. The ex-dividend date of this dividend was Monday, February 9th. This is an increase from Global Partners’s previous quarterly dividend of $0.76. This represents a $3.04 dividend on an annualized basis and a dividend yield of 6.3%. Global Partners’s dividend payout ratio is 145.45%.

About Global Partners

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.