Global Partners (NYSE:GLP) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

10 Nov 2024, 08:56 by Amy Steele · The Cerbat Gem

Global Partners LP (NYSE:GLP – Get Free Report) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $44.70 and traded as high as $48.51. Global Partners shares last traded at $48.48, with a volume of 99,319 shares traded.

Analysts Set New Price Targets

Separately, Stifel Nicolaus upped 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.

View Our Latest Stock Report on GLP

Global Partners Stock Up 2.9 %

The company has a debt-to-equity ratio of 2.52, a quick ratio of 0.62 and a current ratio of 1.10. The company’s fifty day moving average price is $45.73 and its 200-day moving average price is $44.69. The stock has a market cap of $1.65 billion, a P/E ratio of 17.75 and a beta of 1.38.

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

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 8th will be paid a dividend of $0.73 per share. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. This represents a $2.92 dividend on an annualized basis and a dividend yield of 6.00%. The ex-dividend date of this dividend is Friday, November 8th. Global Partners’s dividend payout ratio (DPR) is currently 105.11%.

Insider Activity at Global Partners

In other Global Partners news, insider Global Gp Llc bought 2,400 shares of Global Partners stock in a transaction on Monday, August 19th. The shares were acquired at an average price of $41.88 per share, for a total transaction of $100,512.00. Following the completion of the purchase, the insider now directly owns 196,681 shares in the company, valued at approximately $8,237,000.28. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 43,226 shares of company stock worth $1,872,989 in the last quarter. 41.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Global Partners

A number of institutional investors and hedge funds have recently bought and sold shares of GLP. International Assets Investment Management LLC purchased a new position in shares of Global Partners during the second quarter valued at $41,000. Capital Performance Advisors LLP bought a new position in Global Partners during the 3rd quarter worth about $93,000. Spinnaker Trust purchased a new position in Global Partners during the 2nd quarter valued at about $203,000. Albert D Mason Inc. raised its holdings in shares of Global Partners by 6.6% in the 2nd quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock valued at $222,000 after purchasing an additional 300 shares in the last quarter. Finally, Stratos Wealth Advisors LLC purchased a new stake in shares of Global Partners in the 3rd quarter worth approximately $225,000. 38.12% of the stock is owned by institutional investors.

Global Partners Company Profile

(Get Free Report)

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.