Global Partners (NYSE:GLP) Shares Gap Up – Here’s Why

Global Partners LP (NYSE:GLP)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $43.09, but opened at $46.00. Global Partners shares last traded at $45.9650, with a volume of 21,328 shares.

Wall Street Analysts Forecast Growth

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

Global Partners Trading Down 2.9%

The firm has a market capitalization of $1.52 billion, a PE ratio of 12.56 and a beta of 1.01. The company has a quick ratio of 0.64, a current ratio of 1.12 and a debt-to-equity ratio of 2.58. The company’s 50-day simple moving average is $47.47 and its 200 day simple moving average is $46.17.

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

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 11th were issued a dividend of $0.765 per share. The ex-dividend date was Monday, May 11th. This represents a $3.06 annualized dividend and a dividend yield of 6.8%. This is a boost from Global Partners’s previous quarterly dividend of $0.76. Global Partners’s dividend payout ratio (DPR) is currently 85.00%.

Institutional Investors Weigh In On Global Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wealth Effects LLC grew its holdings in shares of Global Partners by 3.3% during the first quarter. Wealth Effects LLC now owns 9,300 shares of the energy company’s stock valued at $392,000 after buying an additional 300 shares during the last quarter. First Trust Advisors LP raised its stake in Global Partners by 0.8% in the 1st quarter. First Trust Advisors LP now owns 55,496 shares of the energy company’s stock worth $2,336,000 after acquiring an additional 463 shares during the last quarter. Susquehanna Portfolio Strategies LLC lifted its position in Global Partners by 14.6% during the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 4,898 shares of the energy company’s stock worth $205,000 after acquiring an additional 625 shares during the period. McMillan Office Inc. purchased a new stake in Global Partners during the 4th quarter valued at about $29,000. Finally, Spinnaker Trust increased its holdings in shares of Global Partners by 6.1% in the first quarter. Spinnaker Trust now owns 12,146 shares of the energy company’s stock valued at $511,000 after purchasing an additional 700 shares during the period. 38.12% of the stock is currently 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.