Global Partners (NYSE:GLP) Reaches New 52-Week Low After Earnings Miss

Global Partners LP (NYSE:GLP) reached a new 52-week low during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $39.70 and last traded at $43.12, with a volume of 14729 shares trading hands. The stock had previously closed at $44.51.

The energy company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.05). The business had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $5.98 billion. Global Partners had a net margin of 0.64% and a return on equity of 17.95%.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Monday, November 10th will be given a $0.755 dividend. This is a positive change from Global Partners’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, November 10th. This represents a $3.02 annualized dividend and a yield of 7.2%. Global Partners’s dividend payout ratio is presently 116.15%.

Wall Street Analyst Weigh In

GLP has been the topic of several research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Global Partners in a research note on Wednesday, October 8th. Zacks Research downgraded Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $56.00.

Insider Transactions at Global Partners

In other Global Partners news, COO Mark Romaine sold 9,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $51.44, for a total value of $462,960.00. Following the completion of the sale, the chief operating officer owned 130,531 shares of the company’s stock, valued at approximately $6,714,514.64. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 41.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLP. Cetera Investment Advisers boosted its holdings in Global Partners by 1.1% during the 1st quarter. Cetera Investment Advisers now owns 17,692 shares of the energy company’s stock valued at $944,000 after acquiring an additional 196 shares during the period. Inspire Advisors LLC acquired a new stake in shares of Global Partners during the first quarter worth about $216,000. US Bancorp DE boosted its stake in shares of Global Partners by 42.9% in the first quarter. US Bancorp DE now owns 2,037 shares of the energy company’s stock valued at $109,000 after purchasing an additional 612 shares during the period. NBW Capital LLC grew its holdings in shares of Global Partners by 50.5% in the first quarter. NBW Capital LLC now owns 78,613 shares of the energy company’s stock valued at $4,196,000 after purchasing an additional 26,388 shares in the last quarter. Finally, HighTower Advisors LLC increased its stake in Global Partners by 22.3% during the 1st quarter. HighTower Advisors LLC now owns 15,144 shares of the energy company’s stock worth $808,000 after buying an additional 2,760 shares during the period. Hedge funds and other institutional investors own 38.12% of the company’s stock.

Global Partners Stock Performance

The stock has a market capitalization of $1.44 billion, a PE ratio of 16.25 and a beta of 0.98. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.70 and a current ratio of 1.18. The firm’s 50 day moving average is $47.85 and its two-hundred day moving average is $50.38.

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.