Global Partners (NYSE:GLP) Hits New 12-Month High – What’s Next?

Global Partners LP (NYSE:GLP)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $53.31 and last traded at $52.86, with a volume of 9412 shares. The stock had previously closed at $53.01.

Analysts Set New Price Targets

Separately, Stifel Nicolaus increased their price objective on shares of Global Partners from $51.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th.

Global Partners Stock Performance

The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 15.71 and a beta of 1.38. The company has a 50-day moving average price of $47.25 and a 200-day moving average price of $44.89. The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 2.41.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 8th were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 5.53%. 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 payout ratio is 88.22%.

Insider Activity

In other news, insider Global Gp Llc purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was purchased at an average cost of $42.67 per share, with a total value of $213,350.00. Following the purchase, the insider now owns 201,681 shares in the company, valued at $8,605,728.27. This trade represents a 2.54 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have acquired 39,526 shares of company stock valued at $1,719,840. Company insiders own 41.50% of the company’s stock.

Institutional Trading of Global Partners

Several institutional investors have recently modified their holdings of the company. Granite Bay Wealth Management LLC boosted its holdings in Global Partners by 6,200.0% during 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 in the last quarter. Infrastructure Capital Advisors LLC boosted its stake in shares of Global Partners by 57.7% during the 3rd quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after acquiring an additional 51,630 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Global Partners by 2.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after acquiring an additional 725 shares during the last quarter. Stifel Financial Corp raised its position in shares of Global Partners by 7.3% during the third 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 holdings in shares of Global Partners by 17.8% during the second quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock valued at $1,436,000 after purchasing an additional 4,760 shares during the last quarter. Institutional investors and hedge funds own 38.12% of the company’s stock.

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.