Global Partners (NYSE:GLP) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Global Partners LP (NYSE:GLP)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $46.79 and traded as high as $48.78. Global Partners shares last traded at $48.09, with a volume of 59,415 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GLP. Zacks Research downgraded shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Finally, Wall Street Zen raised Global Partners from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 13th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $46.00.

Global Partners Price Performance

The company has a quick ratio of 0.64, a current ratio of 1.12 and a debt-to-equity ratio of 2.58. The stock has a market cap of $1.64 billion, a P/E ratio of 13.36 and a beta of 1.02. The firm’s fifty day moving average price is $47.76 and its 200-day moving average price is $46.79.

Global Partners (NYSE:GLP) last posted its quarterly earnings results on Friday, May 8th. The energy company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $1.52. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $6.98 billion. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. Analysts forecast that Global Partners LP will post 4.71 earnings per share for the current year.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 11th were paid a dividend of $0.765 per share. This represents a $3.06 annualized dividend and a dividend yield of 6.4%. This is a positive change from Global Partners’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend was Monday, May 11th. Global Partners’s payout ratio is currently 85.00%.

Institutional Trading of Global Partners

Institutional investors have recently modified their holdings of the company. Infrastructure Capital Advisors LLC grew its stake in shares of Global Partners by 2.3% in the first quarter. Infrastructure Capital Advisors LLC now owns 110,208 shares of the energy company’s stock worth $4,640,000 after purchasing an additional 2,527 shares during the last quarter. Cetera Investment Advisers raised its position in Global Partners by 2.5% during the 1st quarter. Cetera Investment Advisers now owns 54,743 shares of the energy company’s stock valued at $2,305,000 after purchasing an additional 1,337 shares during the last quarter. First Trust Advisors LP lifted its holdings in Global Partners by 0.8% in the 1st quarter. First Trust Advisors LP now owns 55,496 shares of the energy company’s stock worth $2,336,000 after buying an additional 463 shares during the period. Kestra Advisory Services LLC lifted its holdings in Global Partners by 46.9% in the 1st quarter. Kestra Advisory Services LLC now owns 8,147 shares of the energy company’s stock worth $343,000 after buying an additional 2,602 shares during the period. Finally, Spinnaker Trust grew its position in shares of Global Partners by 6.1% in the 1st quarter. Spinnaker Trust now owns 12,146 shares of the energy company’s stock worth $511,000 after buying an additional 700 shares during the last quarter. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

Global Partners Company Profile

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.