Global Partners (NYSE:GLP) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Global Partners LP (NYSE:GLP) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $46.07 and traded as high as $47.75. Global Partners shares last traded at $46.70, with a volume of 34,963 shares traded.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus lifted their target price on shares of Global Partners from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th.

Global Partners Stock Down 2.2 %

The company has a market cap of $1.59 billion, a P/E ratio of 14.11 and a beta of 1.47. The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 2.41. The firm has a fifty day moving average price of $50.44 and a 200 day moving average price of $46.07.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 8th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 6.25%. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date was Friday, November 8th. Global Partners’s dividend payout ratio (DPR) is presently 88.22%.

Institutional Investors Weigh In On Global Partners

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP bought a new position in Global Partners in the third quarter valued at approximately $93,000. Stratos Wealth Advisors LLC bought a new position in shares of Global Partners in the 3rd quarter worth $225,000. Fiducient Advisors LLC bought a new position in shares of Global Partners in the 3rd quarter worth $474,000. Stifel Financial Corp grew its stake in shares of Global Partners by 7.3% during the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock worth $1,478,000 after purchasing an additional 2,166 shares during the period. Finally, Exchange Traded Concepts LLC increased its holdings in Global Partners by 2.2% in the third quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock valued at $1,548,000 after purchasing an additional 725 shares during the last quarter. 38.12% of the stock is owned by institutional investors.

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.