Global Partners (NYSE:GLP) Sets New 52-Week High – Time to Buy?

Global Partners LP (NYSE:GLP) shares hit a new 52-week high during trading 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 brokerages recently weighed in on GLP. Zacks Research lowered Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Weiss Ratings restated a “buy (b-)” rating on shares of Global Partners in a research report on Friday, August 21st. Finally, Wall Street Zen upgraded Global Partners from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. One equities research 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 company has a consensus rating of “Hold” and an average target price of $46.00.

Global Partners Stock Up 0.8%

The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of 10.82 and a beta of 1.06. The company has a debt-to-equity ratio of 2.44, a current ratio of 1.19 and a quick ratio of 0.71. The business has a 50 day simple moving average of $49.48 and a 200 day simple moving average of $47.95.

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

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 10th were given a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $3.12 dividend on an annualized basis and a yield of 5.9%. This is an increase from Global Partners’s previous quarterly dividend of $0.77. Global Partners’s dividend payout ratio is 63.54%.

Institutional Investors Weigh In On Global Partners

Several institutional investors have recently modified their holdings of the company. GSA Capital Partners LLP lifted its holdings in Global Partners by 185.9% during the 4th quarter. GSA Capital Partners LLP now owns 30,850 shares of the energy company’s stock worth $1,291,000 after buying an additional 20,060 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Global Partners during the second quarter worth approximately $4,789,000. Perigon Wealth Management LLC acquired a new position in Global Partners in the second quarter valued at $165,000. Alps Advisors Inc. lifted its position in Global Partners by 4.9% during the 4th quarter. Alps Advisors Inc. now owns 5,999,844 shares of the energy company’s stock worth $251,093,000 after acquiring an additional 277,875 shares during the period. Finally, Ancora Advisors LLC acquired a new stake in shares of Global Partners during the second quarter worth $156,000. 38.12% of the stock is owned by hedge funds and other 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.