Global Partners (NYSE:GLP) Trading Up 7.5% – Here’s What Happened

Global Partners LP (NYSE:GLP) shares were up 7.5% during mid-day trading on Tuesday . The stock traded as high as $49.87 and last traded at $49.71. Approximately 29,569 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 65,776 shares. The stock had previously closed at $46.26.

Analysts Set New Price Targets

Separately, Stifel Nicolaus lifted their price objective 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 Stock Up 6.9 %

The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.64 and a current ratio of 1.14. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 14.95 and a beta of 1.47. The firm has a 50-day moving average price of $50.43 and a two-hundred day moving average price of $46.08.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 5.90%. The ex-dividend date 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 Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its holdings in shares of Global Partners by 2.2% in the third quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock valued at $1,548,000 after purchasing an additional 725 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Global Partners in the third quarter valued at approximately $93,000. Stifel Financial Corp increased its holdings in shares of Global Partners by 7.3% in the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock valued at $1,478,000 after purchasing an additional 2,166 shares during the period. Stratos Wealth Advisors LLC acquired a new position in shares of Global Partners in the third quarter valued at approximately $225,000. Finally, Fiducient Advisors LLC acquired a new position in shares of Global Partners in the third quarter valued at approximately $474,000. Institutional investors and hedge funds 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.