Global Partners LP (NYSE:GLP) Increases Dividend to $0.76 Per Share

Global Partners LP (NYSE:GLP) declared a quarterly dividend on Friday, January 30th. Investors of record on Monday, February 9th will be given a dividend of 0.76 per share by the energy company on Friday, February 13th. This represents a c) dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date is Monday, February 9th. This is a 0.7% increase from Global Partners’s previous quarterly dividend of $0.76.

Global Partners has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 5 years. Global Partners has a dividend payout ratio of 99.7% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Global Partners to earn $2.51 per share next year, which means the company may not be able to cover its $3.02 annual dividend with an expected future payout ratio of 120.3%.

Global Partners Stock Performance

GLP stock traded down $1.03 during midday trading on Friday, reaching $46.82. 35,354 shares of the company’s stock traded hands, compared to its average volume of 40,168. Global Partners has a 52-week low of $39.58 and a 52-week high of $60.00. The stock has a market cap of $1.59 billion, a P/E ratio of 22.40 and a beta of 0.95. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 2.75. The stock’s 50-day moving average is $43.55 and its 200 day moving average is $46.85.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Friday, November 7th. The energy company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.43). The business had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Global Partners had a return on equity of 15.54% and a net margin of 0.53%. As a group, analysts anticipate that Global Partners will post 2.13 EPS for the current year.

Wall Street Analyst Weigh In

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

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.