Global Partners LP $GLP Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in shares of Global Partners LP (NYSE:GLP) by 16.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 389,277 shares of the energy company’s stock after acquiring an additional 55,304 shares during the period. JPMorgan Chase & Co.’s holdings in Global Partners were worth $18,685,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in GLP. PNC Financial Services Group Inc. acquired a new stake in Global Partners during the 3rd quarter worth approximately $48,000. State of Wyoming increased its holdings in shares of Global Partners by 110.2% in the third quarter. State of Wyoming now owns 2,304 shares of the energy company’s stock valued at $111,000 after purchasing an additional 1,208 shares during the period. First Horizon Corp acquired a new position in shares of Global Partners in the third quarter valued at approximately $120,000. Geneos Wealth Management Inc. raised its stake in shares of Global Partners by 89.1% during the second quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company’s stock worth $224,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Spinnaker Trust raised its stake in shares of Global Partners by 6.6% during the third quarter. Spinnaker Trust now owns 4,850 shares of the energy company’s stock worth $233,000 after purchasing an additional 300 shares during the last quarter. 38.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GLP. Stifel Nicolaus lifted their price objective on shares of Global Partners from $45.00 to $46.00 and gave the company a “hold” rating in a research report on Monday, March 2nd. Wall Street Zen upgraded shares of Global Partners from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. Weiss Ratings restated a “hold (c)” rating on shares of Global Partners in a research note on Monday, December 29th. Finally, Zacks Research raised shares of Global Partners from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Global Partners has a consensus rating of “Hold” and an average price target of $46.00.

Global Partners Trading Down 2.2%

NYSE:GLP opened at $45.16 on Thursday. The company has a market capitalization of $1.54 billion, a PE ratio of 21.40 and a beta of 1.00. The company has a quick ratio of 0.63, a current ratio of 1.14 and a debt-to-equity ratio of 2.74. Global Partners LP has a 52-week low of $39.58 and a 52-week high of $56.59. The stock has a fifty day simple moving average of $47.11 and a 200-day simple moving average of $45.78.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Friday, February 27th. The energy company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.06). The business had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $6.94 billion. Global Partners had a return on equity of 15.99% and a net margin of 0.53%. On average, equities research analysts expect that Global Partners LP will post 2.13 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 9th were issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 6.7%. This is a boost from Global Partners’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend was Monday, February 9th. Global Partners’s payout ratio is currently 144.08%.

Insider Activity at Global Partners

In other news, COO Mark Romaine sold 2,020 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $48.19, for a total transaction of $97,343.80. Following the completion of the transaction, the chief operating officer directly owned 141,609 shares of the company’s stock, valued at $6,824,137.71. This trade represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 24,063 shares of company stock valued at $1,146,471 in the last quarter. 41.50% of the stock is owned by corporate insiders.

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.