Infrastructure Capital Advisors LLC Has $6.57 Million Stock Position in Global Partners LP (NYSE:GLP)

Infrastructure Capital Advisors LLC boosted its stake in shares of Global Partners LP (NYSE:GLP) by 57.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 141,147 shares of the energy company’s stock after acquiring an additional 51,630 shares during the quarter. Global Partners makes up approximately 0.9% of Infrastructure Capital Advisors LLC’s holdings, making the stock its 24th biggest holding. Infrastructure Capital Advisors LLC owned about 0.42% of Global Partners worth $6,572,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in GLP. International Assets Investment Management LLC bought a new stake in Global Partners during the 2nd quarter worth about $41,000. Capital Performance Advisors LLP bought a new stake in Global Partners during the 3rd quarter worth about $93,000. Spinnaker Trust bought a new stake in Global Partners during the 2nd quarter worth about $203,000. Albert D Mason Inc. grew its holdings in Global Partners by 6.6% during the 2nd quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock worth $222,000 after acquiring an additional 300 shares during the last quarter. Finally, Stratos Wealth Advisors LLC bought a new stake in Global Partners during the 3rd quarter worth about $225,000. Institutional investors own 38.12% of the company’s stock.

Wall Street Analyst Weigh In

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

Global Partners Stock Up 1.5 %

Shares of NYSE GLP opened at $54.75 on Friday. The firm has a market capitalization of $1.86 billion, a PE ratio of 16.54 and a beta of 1.38. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 2.41. Global Partners LP has a 1 year low of $34.00 and a 1 year high of $54.75. The firm’s 50-day moving average is $48.10 and its 200-day moving average is $45.15.

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 paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 5.33%. The ex-dividend date of this dividend was Friday, November 8th. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. Global Partners’s dividend payout ratio (DPR) is 88.22%.

Insider Activity

In other Global Partners news, insider Global Gp Llc bought 5,000 shares of Global Partners stock in a transaction dated Thursday, September 5th. The shares were bought at an average price of $42.40 per share, with a total value of $212,000.00. Following the purchase, the insider now owns 239,181 shares of the company’s stock, valued at $10,141,274.40. This trade represents a 2.14 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders have acquired 27,026 shares of company stock valued at $1,168,390. 41.50% of the stock is currently owned by insiders.

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.