Global Partners (NYSE:GLP) Stock Crosses Above 200-Day Moving Average – Here’s Why
by Michael Walen · The Markets DailyShares of Global Partners LP (NYSE:GLP – Get Free Report) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $45.19 and traded as high as $46.71. Global Partners shares last traded at $45.5230, with a volume of 17,350 shares.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on GLP. Stifel Nicolaus raised their target price on Global Partners from $45.00 to $46.00 and gave the company a “hold” rating in a research note on Monday, March 2nd. Zacks Research raised Global Partners from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Wall Street Zen upgraded Global Partners from a “hold” rating to a “buy” rating in a research note on Saturday, March 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Global Partners in a report on Friday, March 27th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $46.00.
View Our Latest Research Report on GLP
Global Partners Price Performance
The company’s 50-day moving average price is $46.94 and its two-hundred day moving average price is $45.16. The company has a market cap of $1.56 billion, a P/E ratio of 21.73 and a beta of 1.04. The company has a current ratio of 1.14, a quick ratio of 0.63 and a debt-to-equity ratio of 2.74.
Global Partners (NYSE:GLP – Get Free Report) last released its earnings results on Friday, February 27th. The energy company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.06). Global Partners had a return on equity of 15.99% and a net margin of 0.53%.The firm had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $6.94 billion. As a group, sell-side analysts expect that Global Partners LP will post 2.13 earnings per share for the current year.
Global Partners Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 9th were issued a $0.76 dividend. This is an increase from Global Partners’s previous quarterly dividend of $0.76. This represents a $3.04 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date of this dividend was Monday, February 9th. Global Partners’s dividend payout ratio is 144.08%.
Insider Activity at Global Partners
In other news, COO Mark Romaine sold 7,500 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $47.39, for a total transaction of $355,425.00. Following the sale, the chief operating officer directly owned 151,609 shares in the company, valued at approximately $7,184,750.51. This represents a 4.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 24,063 shares of company stock worth $1,146,471 over the last three months. 41.50% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Global Partners
Several large investors have recently added to or reduced their stakes in GLP. Alps Advisors Inc. boosted its holdings in shares of Global Partners by 5.1% during the third quarter. Alps Advisors Inc. now owns 5,721,969 shares of the energy company’s stock valued at $274,655,000 after acquiring an additional 275,906 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Global Partners by 16.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 389,277 shares of the energy company’s stock worth $18,685,000 after acquiring an additional 55,304 shares during the period. ING Groep NV acquired a new stake in shares of Global Partners in the 3rd quarter worth about $1,296,000. GSA Capital Partners LLP bought a new stake in Global Partners in the 3rd quarter valued at about $518,000. Finally, Lee Financial Co bought a new stake in Global Partners in the 3rd quarter valued at about $902,000. 38.12% of the stock is owned by institutional investors and hedge funds.
Global Partners Company Profile
Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.
Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.