Global Partners (NYSE:GLP) Stock Price Down 2.6% – Here’s What Happened

Global Partners LP (NYSE:GLP) shares dropped 2.6% on Thursday . The company traded as low as $48.07 and last traded at $48.09. Approximately 9,216 shares were traded during trading, a decline of 91% from the average daily volume of 97,111 shares. The stock had previously closed at $49.38.

Wall Street Analyst Weigh In

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

Global Partners Price Performance

The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 2.41. The company’s fifty day moving average price is $50.44 and its 200 day moving average price is $46.07. The company has a market capitalization of $1.64 billion, a P/E ratio of 14.53 and a beta of 1.43.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 8th were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 6.07%. The ex-dividend date of this dividend was Friday, November 8th. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. Global Partners’s dividend payout ratio (DPR) is 88.22%.

Institutional Trading of Global Partners

A number of institutional investors have recently modified their holdings of GLP. JPMorgan Chase & Co. raised its stake in Global Partners by 9,171.6% in the third quarter. JPMorgan Chase & Co. now owns 70,464 shares of the energy company’s stock valued at $3,281,000 after purchasing an additional 69,704 shares in the last quarter. Stifel Financial Corp increased its holdings in Global Partners by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock valued at $1,478,000 after buying an additional 2,166 shares during the period. Infrastructure Capital Advisors LLC raised its position in shares of Global Partners by 57.7% in 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 in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Global Partners in the 3rd quarter valued at approximately $93,000. Finally, Fiducient Advisors LLC bought a new stake in shares of Global Partners during the 3rd quarter worth approximately $474,000. 38.12% of the stock is currently owned by institutional investors.

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.