Global Partners (NYSE:GLP) Shares Gap Down to $47.67

Global Partners LP (NYSE:GLP) shares gapped down prior to trading on Wednesday . The stock had previously closed at $47.67, but opened at $43.82. Global Partners shares last traded at $45.50, with a volume of 19,004 shares traded.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Global Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd.

Global Partners Stock Performance

The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.71 and a current ratio of 1.12. The stock’s 50-day simple moving average is $46.40 and its two-hundred day simple moving average is $42.21. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 11.97 and a beta of 1.33.

Global Partners (NYSE:GLP) last posted its quarterly earnings data on Wednesday, February 28th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.45. Global Partners had a return on equity of 23.91% and a net margin of 0.92%. The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Analysts forecast that Global Partners LP will post 3.53 earnings per share for the current year.

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Thursday, May 9th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 6.42%. This is a boost from Global Partners’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Wednesday, May 8th. Global Partners’s dividend payout ratio is currently 75.53%.

Hedge Funds Weigh In On Global Partners

Institutional investors and hedge funds have recently bought and sold shares of the stock. Manchester Capital Management LLC acquired a new stake in Global Partners in the 3rd quarter worth $35,000. Signaturefd LLC bought a new stake in shares of Global Partners in the fourth quarter valued at about $85,000. Tower Research Capital LLC TRC grew its position in Global Partners by 592.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,090 shares of the energy company’s stock worth $88,000 after buying an additional 1,788 shares in the last quarter. Acadian Asset Management LLC bought a new position in Global Partners during the third quarter valued at about $138,000. Finally, Albert D Mason Inc. acquired a new position in Global Partners in the 1st quarter valued at approximately $203,000. Institutional investors own 38.12% of the company’s stock.

About Global Partners

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.