Global Partners (NYSE:GLP) Shares Gap Up – Still a Buy?

Global Partners LP (NYSE:GLP)’s share price gapped up prior to trading on Friday . The stock had previously closed at $39.58, but opened at $42.10. Global Partners shares last traded at $42.2550, with a volume of 452 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Zacks Research upgraded Global Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Global Partners in a report on Monday, December 29th. Stifel Nicolaus decreased their price target on Global Partners from $53.00 to $45.00 and set a “hold” rating for the company in a research report on Tuesday, November 11th. Finally, Wall Street Zen downgraded Global Partners from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $45.00.

Global Partners Stock Up 1.6%

The firm has a market cap of $1.45 billion, a PE ratio of 20.37 and a beta of 0.95. The company has a debt-to-equity ratio of 2.75, a current ratio of 1.21 and a quick ratio of 0.70. The business has a fifty day moving average price of $43.02 and a two-hundred day moving average price of $47.53.

Global Partners (NYSE:GLP) last announced its quarterly earnings data on Friday, November 7th. The energy company reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.43). The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $7.21 billion. Global Partners had a return on equity of 15.54% and a net margin of 0.53%. On average, analysts anticipate that Global Partners LP will post 2.13 EPS for the current fiscal year.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Monday, November 10th were given a dividend of $0.755 per share. The ex-dividend date of this dividend was Monday, November 10th. This is a boost from Global Partners’s previous quarterly dividend of $0.75. This represents a $3.02 dividend on an annualized basis and a yield of 7.1%. Global Partners’s payout ratio is presently 144.50%.

Institutional Investors Weigh In On Global Partners

Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. acquired a new position in shares of Global Partners in the third quarter worth $48,000. State of Wyoming grew its stake in Global Partners by 110.2% in the third quarter. State of Wyoming now owns 2,304 shares of the energy company’s stock valued at $111,000 after purchasing an additional 1,208 shares in the last quarter. First Horizon Corp acquired a new position in Global Partners in the 3rd quarter worth about $120,000. Traub Capital Management LLC acquired a new position in Global Partners in the 2nd quarter worth about $192,000. Finally, Geneos Wealth Management Inc. raised its stake in shares of Global Partners by 89.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company’s stock worth $224,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 38.12% of the company’s stock.

About Global Partners

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.