Global Partners (NYSE:GLP) Given New $54.00 Price Target at Stifel Nicolaus

Global Partners (NYSE:GLP) had its target price upped by Stifel Nicolaus from $51.00 to $54.00 in a report issued on Tuesday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the energy company’s stock.

Global Partners Price Performance

Shares of Global Partners stock opened at $48.49 on Tuesday. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 14.56 and a beta of 1.38. The company has a fifty day moving average of $45.81 and a 200-day moving average of $44.69. Global Partners has a 52-week low of $31.33 and a 52-week high of $50.85. The company has a debt-to-equity ratio of 2.52, a quick ratio of 0.62 and a current ratio of 1.10.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 6.02%. 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’s dividend payout ratio is 88.22%.

Insider Transactions at Global Partners

In other news, insider Global Gp Llc purchased 1,300 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $40.49 per share, for a total transaction of $52,637.00. Following the acquisition, the insider now directly owns 194,281 shares of the company’s stock, valued at $7,866,437.69. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have bought 43,226 shares of company stock worth $1,872,989. Insiders own 41.50% of the company’s stock.

Hedge Funds Weigh In On Global Partners

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in shares of Global Partners in the third quarter worth about $93,000. Fiducient Advisors LLC bought a new stake in shares of Global Partners in the 3rd quarter worth approximately $474,000. Stratos Wealth Advisors LLC purchased a new position in shares of Global Partners during the third quarter valued at approximately $225,000. Exchange Traded Concepts LLC raised its holdings in shares of Global Partners by 2.2% during the third quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock valued at $1,548,000 after acquiring an additional 725 shares in the last quarter. Finally, Spinnaker Trust purchased a new stake in Global Partners in the second quarter worth $203,000. 38.12% of the stock is owned by institutional investors.

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.