Global Partners (NYSE:GLP) Sets New 12-Month High – Here’s Why

Global Partners LP (NYSE:GLP) hit a new 52-week high on Monday . The company traded as high as $53.31 and last traded at $52.86, with a volume of 9412 shares. The stock had previously closed at $53.01.

Analysts Set New Price Targets

Separately, Stifel Nicolaus raised their price target on Global Partners from $51.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, November 12th.

Global Partners Trading Up 1.5 %

The firm’s 50-day simple moving average is $47.66 and its 200-day simple moving average is $45.01. The firm has a market capitalization of $1.86 billion, a P/E ratio of 16.24 and a beta of 1.38. The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 2.41.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were given a dividend of $0.73 per share. The ex-dividend date was Friday, November 8th. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 5.33%. Global Partners’s dividend payout ratio is 88.22%.

Insider Buying and Selling

In related news, insider Global Gp Llc acquired 2,226 shares of Global Partners stock in a transaction dated Friday, September 20th. The shares were purchased at an average cost of $44.71 per share, with a total value of $99,524.46. Following the completion of the purchase, the insider now owns 268,307 shares of the company’s stock, valued at $11,996,005.97. This represents a 0.84 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought 34,526 shares of company stock worth $1,506,490 in the last quarter. 41.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Global Partners

Several institutional investors have recently bought and sold shares of the stock. Stifel Financial Corp lifted its position in Global Partners by 7.3% in the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock valued at $1,478,000 after purchasing an additional 2,166 shares during the last quarter. Infrastructure Capital Advisors LLC raised its holdings in Global Partners by 57.7% during the 3rd quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock valued at $6,572,000 after buying an additional 51,630 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in Global Partners during the 3rd quarter valued at $93,000. Fiducient Advisors LLC bought a new stake in Global Partners in the 3rd quarter worth $474,000. Finally, Stratos Wealth Advisors LLC purchased a new position in shares of Global Partners in the third quarter valued at about $225,000. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

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.