Global Partners (NYSE:GLP) Shares Gap Down to $43.47

Global Partners LP (NYSE:GLP)’s share price gapped down before the market opened on Friday . The stock had previously closed at $43.47, but opened at $42.41. Global Partners shares last traded at $43.17, with a volume of 808 shares.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Global Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd.

Global Partners Stock Down 1.9 %

The firm’s 50-day moving average price is $45.96 and its 200 day moving average price is $45.65. The firm has a market cap of $1.52 billion, a P/E ratio of 16.08 and a beta of 1.38. The company has a quick ratio of 0.76, a current ratio of 1.17 and a debt-to-equity ratio of 2.23.

Global Partners (NYSE:GLP) last released its quarterly earnings results on Wednesday, May 8th. The energy company reported ($0.37) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.47). The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $5.22 billion. Global Partners had a return on equity of 18.45% and a net margin of 0.71%. As a group, research analysts expect that Global Partners LP will post 3.11 earnings per share for the current year.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Thursday, May 9th were issued a $0.71 dividend. The ex-dividend date was Wednesday, May 8th. This represents a $2.84 annualized dividend and a yield of 6.66%. This is an increase from Global Partners’s previous quarterly dividend of $0.70. Global Partners’s dividend payout ratio is presently 105.58%.

Insider Buying and Selling

In related news, insider Global Gp Llc acquired 10,000 shares of Global Partners stock in a transaction that occurred on Wednesday, May 15th. The stock was acquired at an average price of $43.29 per share, with a total value of $432,900.00. Following the completion of the acquisition, the insider now directly owns 47,981 shares of the company’s stock, valued at approximately $2,077,097.49. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders purchased 110,000 shares of company stock valued at $4,979,700 over the last 90 days. 41.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Global Partners

A number of institutional investors and hedge funds have recently bought and sold shares of GLP. SVB Wealth LLC purchased a new stake in Global Partners during the first quarter valued at about $374,000. Leo Wealth LLC lifted its stake in Global Partners by 45.0% during the first quarter. Leo Wealth LLC now owns 14,500 shares of the energy company’s stock valued at $647,000 after buying an additional 4,500 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Global Partners by 8.0% during the first quarter. Commonwealth Equity Services LLC now owns 27,510 shares of the energy company’s stock valued at $1,221,000 after buying an additional 2,030 shares in the last quarter. Crescent Grove Advisors LLC purchased a new stake in Global Partners during the first quarter valued at about $318,000. Finally, Albert D Mason Inc. purchased a new stake in Global Partners during the first quarter valued at about $203,000. 38.12% of the stock is owned by institutional investors and hedge funds.

Global Partners Company Profile

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.