Global Partners (NYSE:GLP) Sets New 52-Week High – Here’s What Happened

Shares of Global Partners LP (NYSE:GLP) reached a new 52-week high during trading on Tuesday . The stock traded as high as $53.16 and last traded at $53.07, with a volume of 15128 shares changing hands. The stock had previously closed at $52.70.

Analysts Set New Price Targets

GLP has been the subject of several recent research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Global Partners in a research note on Friday, August 21st. Wall Street Zen raised Global Partners from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Finally, Zacks Research downgraded Global Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $46.00.

Global Partners Trading Up 0.3%

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 firm’s 50 day moving average price is $49.73 and its 200 day moving average price is $48.02. The stock has a market capitalization of $1.81 billion, a P/E ratio of 10.85 and a beta of 1.06.

Global Partners (NYSE:GLP) last posted its earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.62. Global Partners had a return on equity of 30.87% and a net margin of 0.91%.The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $7.51 billion. As a group, equities research analysts expect that Global Partners LP will post 5.87 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, August 14th. Investors of record on Monday, August 10th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 10th. This is a positive change from Global Partners’s previous quarterly dividend of $0.77. This represents a $3.12 dividend on an annualized basis and a yield of 5.9%. Global Partners’s payout ratio is 63.54%.

Institutional Investors Weigh In On Global Partners

Institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC bought a new position in Global Partners in the second quarter worth about $273,000. Waverly Advisors LLC boosted its position in shares of Global Partners by 42.9% during the second quarter. Waverly Advisors LLC now owns 82,816 shares of the energy company’s stock valued at $3,858,000 after purchasing an additional 24,868 shares in the last quarter. Bank of America Corp DE purchased a new stake in Global Partners in the second quarter worth $264,000. Ancora Advisors LLC purchased a new stake in Global Partners in the second quarter worth $156,000. Finally, Bard Associates Inc. purchased a new position in Global Partners during the second quarter valued at $936,000. 38.12% of the stock is 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.