Global Partners (NYSE:GLP) Trading Up 4% Following Dividend Announcement

Global Partners LP (NYSE:GLP) shot up 4% during trading on Wednesday following a dividend announcement from the company. The company traded as high as $47.82 and last traded at $47.82. 9,822 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 99,961 shares. The stock had previously closed at $45.96.

The newly announced dividend which will be paid on Thursday, November 14th. Investors of record on Friday, November 8th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 6.23%. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date is Friday, November 8th. Global Partners’s dividend payout ratio (DPR) is currently 107.06%.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus raised their price target on Global Partners from $50.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, August 9th.

Global Partners Price Performance

The company has a quick ratio of 0.62, a current ratio of 1.10 and a debt-to-equity ratio of 2.52. The company’s 50-day moving average is $44.78 and its 200-day moving average is $44.57. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 17.43 and a beta of 1.38.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Wednesday, August 7th. The energy company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.50 by ($0.40). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $5.51 billion. Global Partners had a return on equity of 19.21% and a net margin of 0.71%. Equities research analysts expect that Global Partners LP will post 3.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Global Partners

In related news, insider Global Gp Llc acquired 2,400 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was acquired at an average cost of $41.88 per share, with a total value of $100,512.00. Following the completion of the purchase, the insider now directly owns 196,681 shares in the company, valued at approximately $8,237,000.28. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have acquired 43,226 shares of company stock valued at $1,872,989. 41.50% of the stock is currently owned by insiders.

Institutional Trading of Global Partners

A number of large investors have recently bought and sold shares of the business. Albert D Mason Inc. lifted its holdings in shares of Global Partners by 6.6% in the second quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock valued at $222,000 after purchasing an additional 300 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Global Partners by 2.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock valued at $1,548,000 after acquiring an additional 725 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Global Partners during the 2nd quarter worth approximately $41,000. Commonwealth Equity Services LLC grew its stake in shares of Global Partners by 8.0% during the 1st quarter. Commonwealth Equity Services LLC now owns 27,510 shares of the energy company’s stock worth $1,221,000 after acquiring an additional 2,030 shares in the last quarter. Finally, Spinnaker Trust acquired a new stake in shares of Global Partners in the second quarter valued at approximately $203,000. 38.12% of the stock is owned by institutional investors.

About Global Partners

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.