Global Partners (NYSE:GLP) Hits New 12-Month High – What’s Next?

Global Partners LP (NYSE:GLP) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $50.95 and last traded at $50.46, with a volume of 30071 shares trading hands. The stock had previously closed at $49.52.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus raised their price objective on Global Partners from $51.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th.

Global Partners Stock Down 2.7 %

The firm has a market capitalization of $1.72 billion, a PE ratio of 15.69 and a beta of 1.38. The company has a fifty day moving average price of $46.73 and a 200-day moving average price of $44.80. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.64 and a current ratio of 1.14.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 5.78%. This is a boost from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Friday, November 8th. Global Partners’s dividend payout ratio is currently 88.22%.

Insider Activity

In other Global Partners news, insider Global Gp Llc acquired 7,500 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was bought at an average price of $45.08 per share, for a total transaction of $338,100.00. Following the acquisition, the insider now directly owns 214,181 shares in the company, valued at $9,655,279.48. The trade was a 3.63 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased 39,526 shares of company stock valued at $1,719,840 in the last ninety days. Insiders own 41.50% of the company’s stock.

Institutional Investors Weigh In On Global Partners

Large investors have recently added to or reduced their stakes in the stock. Stifel Financial Corp increased its holdings in Global Partners by 7.3% during the 3rd 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. Infrastructure Capital Advisors LLC increased its holdings in Global Partners by 57.7% during the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock valued at $6,572,000 after buying an additional 51,630 shares during the period. Capital Performance Advisors LLP bought a new stake in Global Partners during the 3rd quarter valued at $93,000. Fiducient Advisors LLC purchased a new position in shares of Global Partners in the 3rd quarter valued at $474,000. Finally, Stratos Wealth Advisors LLC bought a new stake in Global Partners during the third quarter valued at about $225,000. 38.12% of the stock is owned by hedge funds and other 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.