Global Partners LP (NYSE:GLP) Announces Dividend Increase – $0.79 Per Share

Global Partners LP (NYSE:GLP) announced a quarterly dividend on Thursday, October 29th. Stockholders of record on Monday, November 9th will be paid a dividend of $0.7850 per share by the energy company on Friday, November 13th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date is Monday, November 9th. This is a 0.6% increase from Global Partners’s previous quarterly dividend of $0.78.

Global Partners has increased its dividend by an average of 0.1% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Global Partners has a dividend payout ratio of 103.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Global Partners to earn $3.81 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 81.9%.

Global Partners Stock Up 1.5%

GLP stock opened at $47.99 on Friday. 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 stock has a market capitalization of $1.63 billion, a P/E ratio of 9.77 and a beta of 1.11. Global Partners has a fifty-two week low of $39.58 and a fifty-two week high of $54.29. The business has a 50-day moving average of $49.53 and a 200-day moving average of $47.95.

Global Partners (NYSE:GLP) last announced its earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.62. Global Partners had a return on equity of 30.87% and a net margin of 0.91%. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $7.51 billion. On average, sell-side analysts anticipate that Global Partners will post 6.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. First Trust Advisors LP boosted its stake in shares of Global Partners by 0.8% during the first quarter. First Trust Advisors LP now owns 55,496 shares of the energy company’s stock valued at $2,336,000 after purchasing an additional 463 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Global Partners by 2.5% in the first quarter. Cetera Investment Advisers now owns 54,743 shares of the energy company’s stock valued at $2,305,000 after buying an additional 1,337 shares during the period. Compass Wealth Management LLC acquired a new position in shares of Global Partners in the third quarter valued at approximately $93,000. Infrastructure Capital Advisors LLC raised its holdings in Global Partners by 2.3% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 110,208 shares of the energy company’s stock valued at $4,640,000 after buying an additional 2,527 shares during the last quarter. Finally, Kestra Advisory Services LLC raised its holdings in Global Partners by 46.9% in the 1st quarter. Kestra Advisory Services LLC now owns 8,147 shares of the energy company’s stock valued at $343,000 after buying an additional 2,602 shares during the last quarter. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Company Profile

Global Partners LP (NYSE: GLP) is an integrated energy company that owns, supplies, stores, transports and markets energy products. The company’s activities include the wholesale distribution of gasoline, diesel, distillates, residual oil, renewable fuels and other petroleum products, as well as the terminaling and storage of these products.

Global Partners serves customers primarily across the northeastern and mid-Atlantic United States. Its wholesale operations supply gasoline stations, commercial and industrial users, utilities, distributors and other energy customers.