Global Partners (NYSE:GLP) Hits New 1-Year High – Here’s Why

Global Partners LP (NYSE:GLP) shares hit a new 52-week high on Monday . The company traded as high as $50.95 and last traded at $50.46, with a volume of 30071 shares trading hands. The stock had previously closed at $49.52.

Analyst Upgrades and Downgrades

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

Global Partners Trading Down 2.7 %

The stock has a 50 day simple moving average of $46.73 and a 200-day simple moving average of $44.80. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 2.41. The firm has a market capitalization of $1.72 billion, a P/E ratio of 15.69 and a beta of 1.38.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 5.78%. The ex-dividend date of this dividend was Friday, November 8th. This is a boost from Global Partners’s previous quarterly dividend of $0.72. Global Partners’s dividend payout ratio (DPR) is currently 88.22%.

Insider Transactions at Global Partners

In other news, insider Global Gp Llc purchased 7,500 shares of the stock in a transaction on Thursday, August 29th. The shares were acquired at an average price of $45.08 per share, with a total value of $338,100.00. Following the completion of the acquisition, the insider now directly owns 214,181 shares of the company’s stock, valued at $9,655,279.48. This trade represents a 3.63 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders purchased 39,526 shares of company stock worth $1,719,840 in the last three months. Corporate insiders own 41.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Stifel Financial Corp increased its stake in Global Partners by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock worth $1,478,000 after buying an additional 2,166 shares in the last quarter. Infrastructure Capital Advisors LLC grew its position in shares of Global Partners by 57.7% during the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after purchasing an additional 51,630 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Global Partners during the 3rd quarter valued at approximately $93,000. Fiducient Advisors LLC purchased a new position in Global Partners in the 3rd quarter worth approximately $474,000. Finally, Stratos Wealth Advisors LLC bought a new position in Global Partners in the 3rd quarter worth approximately $225,000. Hedge funds and other 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.