Royal Bank of Canada Decreases Stake in Global Partners LP $GLP

Royal Bank of Canada lessened its holdings in shares of Global Partners LP (NYSE:GLP) by 20.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 177,162 shares of the energy company’s stock after selling 45,780 shares during the quarter. Royal Bank of Canada’s holdings in Global Partners were worth $7,459,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of GLP. Infrastructure Capital Advisors LLC grew its holdings in shares of Global Partners by 2.3% during the first quarter. Infrastructure Capital Advisors LLC now owns 110,208 shares of the energy company’s stock worth $4,640,000 after buying an additional 2,527 shares in the last quarter. Cetera Investment Advisers lifted 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 worth $2,305,000 after buying an additional 1,337 shares in the last quarter. First Trust Advisors LP boosted its position in Global Partners by 0.8% during the first 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. Kestra Advisory Services LLC grew its stake in Global Partners by 46.9% during the 1st quarter. Kestra Advisory Services LLC now owns 8,147 shares of the energy company’s stock valued at $343,000 after acquiring an additional 2,602 shares in the last quarter. Finally, Spinnaker Trust grew its stake in Global Partners by 6.1% during the 1st quarter. Spinnaker Trust now owns 12,146 shares of the energy company’s stock valued at $511,000 after acquiring an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 38.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLP. Zacks Research downgraded shares of Global Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Wall Street Zen cut Global Partners from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Weiss Ratings raised 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 Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $46.00.

Global Partners Stock Performance

NYSE:GLP opened at $49.62 on Tuesday. The company has a debt-to-equity ratio of 2.58, a current ratio of 1.12 and a quick ratio of 0.64. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 10.11 and a beta of 1.01. The company’s 50-day moving average is $47.73 and its two-hundred day moving average is $47.38. Global Partners LP has a 1-year low of $39.58 and a 1-year high of $53.25.

Global Partners (NYSE:GLP) last announced 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 business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $7.51 billion. Global Partners had a net margin of 0.91% and a return on equity of 31.60%. Analysts forecast 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 will be paid on Friday, August 14th. Investors of record on Monday, August 10th will be given a $0.78 dividend. The ex-dividend date is Monday, August 10th. This is a positive change from Global Partners’s previous quarterly dividend of $0.77. This represents a $3.12 annualized dividend and a yield of 6.3%. Global Partners’s dividend payout ratio (DPR) is currently 62.32%.

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.