Global Partners (NYSE:GLP) Shares Up 6.1% Following Insider Buying Activity

Shares of Global Partners LP (NYSE:GLP) shot up 6.1% on Thursday following insider buying activity. The company traded as high as $45.00 and last traded at $45.00. 6,343 shares were traded during trading, a decline of 94% from the average session volume of 108,400 shares. The stock had previously closed at $42.41.

Specifically, insider Global Gp Llc purchased 4,800 shares of the stock in a transaction on Tuesday, September 10th. The stock was acquired at an average price of $43.17 per share, with a total value of $207,216.00. Following the transaction, the insider now directly owns 243,981 shares of the company’s stock, valued at approximately $10,532,659.77. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Global Gp Llc acquired 5,000 shares of Global Partners stock in a transaction on Thursday, September 5th. The shares were bought at an average cost of $42.40 per share, for a total transaction of $212,000.00. Following the completion of the transaction, the insider now owns 239,181 shares in the company, valued at approximately $10,141,274.40. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

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

Global Partners Stock Performance

The company has a debt-to-equity ratio of 2.52, a quick ratio of 0.62 and a current ratio of 1.10. The firm has a 50 day moving average price of $41.66 and a 200 day moving average price of $44.61.

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

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 6.69%. This is a boost from Global Partners’s previous quarterly dividend of $0.71. The ex-dividend date was Thursday, August 8th. Global Partners’s dividend payout ratio (DPR) is presently 107.06%.

Hedge Funds Weigh In On Global Partners

A number of institutional investors have recently bought and sold shares of the business. Granite Bay Wealth Management LLC boosted 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 worth $14,541,000 after buying an additional 310,000 shares during the last quarter. Blackstone Inc. grew its position in Global Partners by 11.2% during the fourth quarter. Blackstone Inc. now owns 137,175 shares of the energy company’s stock valued at $5,804,000 after buying an additional 13,800 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in Global Partners by 0.8% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 42,216 shares of the energy company’s stock valued at $1,786,000 after buying an additional 342 shares in the last quarter. Tortoise Index Solutions LLC increased its holdings in Global Partners by 12.9% in the fourth quarter. Tortoise Index Solutions LLC now owns 36,404 shares of the energy company’s stock valued at $1,540,000 after buying an additional 4,148 shares in the last quarter. Finally, Gilman Hill Asset Management LLC raised its position in shares of Global Partners by 17.8% in the second quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock worth $1,436,000 after acquiring an additional 4,760 shares during the period. 38.12% of the stock is owned by hedge funds and other institutional investors.

Global Partners Company Profile

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.