Global Partners LP (NYSE:GLP) to Issue Dividend Increase – $0.73 Per Share

Global Partners LP (NYSE:GLP) announced a quarterly dividend on Wednesday, October 23rd, Zacks reports. Stockholders of record on Friday, November 8th will be given a dividend of 0.73 per share by the energy company on Thursday, November 14th. This represents a $2.92 annualized dividend and a dividend yield of 6.15%. The ex-dividend date is Friday, November 8th. This is a positive change from Global Partners’s previous quarterly dividend of $0.72.

Global Partners has raised its dividend by an average of 12.2% per year over the last three years and has increased its dividend every year for the last 4 years. Global Partners has a dividend payout ratio of 77.2% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Global Partners to earn $3.73 per share next year, which means the company should continue to be able to cover its $2.88 annual dividend with an expected future payout ratio of 77.2%.

Global Partners Stock Performance

GLP opened at $47.45 on Friday. The company’s 50 day moving average is $44.78 and its 200 day moving average is $44.57. The company has a current ratio of 1.10, a quick ratio of 0.62 and a debt-to-equity ratio of 2.52. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 17.64 and a beta of 1.38. Global Partners has a 12-month low of $29.61 and a 12-month high of $50.85.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Wednesday, August 7th. The energy company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.50 by ($0.40). Global Partners had a return on equity of 19.21% and a net margin of 0.71%. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $5.51 billion. On average, equities research analysts predict that Global Partners will post 3.19 EPS for the current year.

Insiders Place Their Bets

In other news, insider Global Gp Llc acquired 2,226 shares of Global Partners stock in a transaction dated Friday, September 20th. The stock was purchased at an average cost of $44.71 per share, with a total value of $99,524.46. Following the completion of the purchase, the insider now directly owns 268,307 shares in the company, valued at approximately $11,996,005.97. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have bought 43,226 shares of company stock worth $1,872,989. Company insiders own 41.50% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus boosted their price target on Global Partners from $50.00 to $51.00 and gave the company a “buy” rating in a report on Friday, August 9th.

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.