Global Partners (NYSE:GLP) Stock Price Up 4% – Here’s Why

Shares of Global Partners LP (NYSE:GLP) traded up 4% during mid-day trading on Wednesday . The company traded as high as $47.82 and last traded at $47.82. 9,822 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 99,961 shares. The stock had previously closed at $45.96.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus raised their target price 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 Stock Performance

The company has a current ratio of 1.10, a quick ratio of 0.62 and a debt-to-equity ratio of 2.52. The stock has a market capitalization of $1.63 billion, a P/E ratio of 17.09 and a beta of 1.38. The company’s fifty day simple moving average is $44.46 and its 200 day simple moving average is $44.53.

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

Insiders Place Their Bets

In other Global Partners news, insider Global Gp Llc acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average price of $40.49 per share, with a total value of $52,637.00. Following the completion of the acquisition, the insider now owns 194,281 shares in the company, valued at $7,866,437.69. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders bought 43,226 shares of company stock valued at $1,872,989. Insiders own 41.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC increased its position in Global Partners by 8.0% during the first quarter. Commonwealth Equity Services LLC now owns 27,510 shares of the energy company’s stock valued at $1,221,000 after acquiring an additional 2,030 shares during the last quarter. Leo Wealth LLC raised its position in shares of Global Partners by 45.0% in the 1st quarter. Leo Wealth LLC now owns 14,500 shares of the energy company’s stock valued at $647,000 after purchasing an additional 4,500 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of Global Partners in the first quarter worth $374,000. Gilman Hill Asset Management LLC grew its stake in Global Partners by 17.8% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock valued at $1,436,000 after purchasing an additional 4,760 shares during the last quarter. Finally, Granite Bay Wealth Management LLC raised its position in Global Partners by 6,200.0% during the 2nd quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock worth $14,541,000 after buying an additional 310,000 shares during the last quarter. Institutional investors own 38.12% of the company’s stock.

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.