Global Partners (NYSE:GLP) Trading 7% Higher – What’s Next?

Global Partners LP (NYSE:GLP)’s share price was up 7% during mid-day trading on Tuesday . The stock traded as high as $46.14 and last traded at $46.09. 110,720 shares traded hands during mid-day trading, an increase of 76% from the average daily volume of 63,047 shares. The stock had previously closed at $43.09.

Analysts Set New Price Targets

A number of research firms have recently commented on GLP. Wall Street Zen raised Global Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. Zacks Research upgraded Global Partners from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Weiss Ratings raised Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Finally, Stifel Nicolaus raised their target price on shares of Global Partners from $45.00 to $46.00 and gave the stock a “hold” rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $46.00.

Global Partners Stock Up 1.1%

The company has a debt-to-equity ratio of 2.58, a current ratio of 1.12 and a quick ratio of 0.64. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 12.38 and a beta of 1.01. The firm has a 50-day moving average price of $47.44 and a 200 day moving average price of $46.16.

Global Partners (NYSE:GLP) last released its quarterly earnings results on Friday, May 8th. The energy company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $1.52. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $6.98 billion. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. Sell-side analysts predict that Global Partners LP will post 4.71 EPS for the current year.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 11th were paid a $0.765 dividend. This represents a $3.06 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Monday, May 11th. This is a positive change from Global Partners’s previous quarterly dividend of $0.76. Global Partners’s payout ratio is currently 85.00%.

Institutional Trading of Global Partners

Several hedge funds and other institutional investors have recently made changes to their positions in GLP. McMillan Office Inc. acquired a new position in Global Partners in the 4th quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Global Partners during the fourth quarter worth about $29,000. International Assets Investment Management LLC acquired a new position in shares of Global Partners in the fourth quarter worth approximately $41,000. PNC Financial Services Group Inc. acquired a new position in shares of Global Partners in the 3rd quarter worth approximately $48,000. Finally, Smartleaf Asset Management LLC acquired a new stake in shares of Global Partners during the fourth quarter worth $85,000. 38.12% of the stock is currently owned by institutional investors.

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.