Global Partners (NYSE:GLP) Stock Price Up 6.1% After Insider Buying Activity

Shares of Global Partners LP (NYSE:GLP) traded up 6.1% during mid-day trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $45.00 and last traded at $45.00. 6,343 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 108,400 shares. The stock had previously closed at $42.41.

Specifically, insider Global Gp Llc purchased 4,800 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were purchased at an average cost of $43.17 per share, for a total transaction of $207,216.00. Following the completion of the purchase, the insider now directly owns 243,981 shares of the company’s stock, valued at approximately $10,532,659.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Global Gp Llc acquired 5,000 shares of Global Partners stock in a transaction on Thursday, September 5th. The stock was purchased at an average price of $42.40 per share, with a total value of $212,000.00. Following the transaction, the insider now directly owns 239,181 shares in the company, valued at approximately $10,141,274.40. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Separately, Stifel Nicolaus boosted their price objective on Global Partners from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, August 9th.

Global Partners Trading Down 2.5 %

The firm’s 50-day moving average price is $41.66 and its two-hundred day moving average price is $44.61. The company has a current ratio of 1.10, a quick ratio of 0.62 and a debt-to-equity ratio of 2.52.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Wednesday, August 7th. The energy company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.40). Global Partners had a net margin of 0.71% and a return on equity of 19.21%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $5.51 billion. Research analysts forecast that Global Partners LP will post 3.19 earnings per share for the current year.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were paid a $0.72 dividend. This is a positive change from Global Partners’s previous quarterly dividend of $0.71. The ex-dividend date was Thursday, August 8th. This represents a $2.88 annualized dividend and a yield of 6.72%. Global Partners’s payout ratio is currently 107.06%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GLP. International Assets Investment Management LLC bought a new stake in shares of Global Partners in the 2nd quarter worth about $41,000. Albert D Mason Inc. bought a new stake in Global Partners during the first quarter worth about $203,000. Spinnaker Trust acquired a new stake in shares of Global Partners during the second quarter worth approximately $203,000. Virtu Financial LLC bought a new position in shares of Global Partners in the fourth quarter valued at approximately $206,000. Finally, Crescent Grove Advisors LLC acquired a new position in shares of Global Partners in the 1st quarter worth approximately $318,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

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.