Global Partners (NYSE:GLP) Sets New 1-Year High – Time to Buy?

Global Partners LP (NYSE:GLP) hit a new 52-week high during trading on Tuesday . The company traded as high as $56.56 and last traded at $56.47, with a volume of 12479 shares traded. The stock had previously closed at $55.93.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus boosted their price target on 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 firm has a market capitalization of $1.91 billion, a P/E ratio of 16.90 and a beta of 1.43. 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 business’s 50 day moving average is $48.53 and its 200-day moving average is $45.37.

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 issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 5.20%. This is a boost from Global Partners’s previous quarterly dividend of $0.72. Global Partners’s payout ratio is 88.22%.

Insider Activity at Global Partners

In other Global Partners news, insider Global Gp Llc bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were acquired at an average cost of $42.40 per share, for a total transaction of $212,000.00. Following the transaction, the insider now directly owns 239,181 shares in the company, valued at approximately $10,141,274.40. This represents a 2.14 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired 27,026 shares of company stock valued at $1,168,390 over the last ninety days. 41.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Global Partners

Several large investors have recently modified their holdings of GLP. Granite Bay Wealth Management LLC increased its stake in shares of Global Partners by 6,200.0% in the second quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock valued at $14,541,000 after buying an additional 310,000 shares during the period. Infrastructure Capital Advisors LLC increased its position in Global Partners by 57.7% during the 3rd quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock valued at $6,572,000 after purchasing an additional 51,630 shares during the period. Exchange Traded Concepts LLC raised its holdings in Global Partners by 2.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after purchasing an additional 725 shares during the last quarter. Stifel Financial Corp lifted its position in shares of 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 purchasing an additional 2,166 shares during the period. Finally, Gilman Hill Asset Management LLC lifted its position in shares of Global Partners by 17.8% in the 2nd quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock worth $1,436,000 after purchasing an additional 4,760 shares during the period. Institutional investors own 38.12% of the company’s stock.

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.