Global Partners LP (NYSE:GLP) Declares Dividend Increase – $0.71 Per Share

Global Partners LP (NYSE:GLP) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Thursday, May 9th will be given a dividend of 0.71 per share by the energy company on Wednesday, May 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.99%. The ex-dividend date of this dividend is Wednesday, May 8th. This is an increase from Global Partners’s previous quarterly dividend of $0.70.

Global Partners has increased its dividend by an average of 12.2% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Global Partners has a payout ratio of 62.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Global Partners to earn $4.46 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 62.8%.

Global Partners Price Performance

Shares of NYSE GLP opened at $47.40 on Friday. Global Partners has a fifty-two week low of $27.07 and a fifty-two week high of $49.50. The business has a 50 day moving average price of $46.27 and a two-hundred day moving average price of $41.10. The company has a quick ratio of 0.71, a current ratio of 1.12 and a debt-to-equity ratio of 2.02. The firm has a market cap of $1.60 billion, a PE ratio of 12.61 and a beta of 1.35.

Global Partners (NYSE:GLP) last released its earnings results on Wednesday, February 28th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.45. Global Partners had a return on equity of 23.91% and a net margin of 0.92%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.39 billion. Sell-side analysts expect that Global Partners will post 3.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, StockNews.com downgraded Global Partners from a “buy” rating to a “hold” rating in a report on Tuesday.

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.