Global Partners (NYSE:GLP) Shares Down 2.6% – What’s Next?

Shares of Global Partners LP (NYSE:GLP) traded down 2.6% during trading on Thursday . The stock traded as low as $48.07 and last traded at $48.09. 9,216 shares changed hands during trading, a decline of 91% from the average session volume of 97,111 shares. The stock had previously closed at $49.38.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus upped their price objective on shares of 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 Down 2.8 %

The stock has a market capitalization of $1.63 billion, a P/E ratio of 14.50 and a beta of 1.43. The stock has a 50 day moving average price of $50.36 and a 200-day moving average price of $46.07. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.14 and a quick ratio of 0.64.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 8th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 6.08%. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Friday, November 8th. Global Partners’s dividend payout ratio (DPR) is presently 88.22%.

Institutional Trading of Global Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Infrastructure Capital Advisors LLC increased its stake in shares of Global Partners by 57.7% in the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after buying an additional 51,630 shares during the period. Fiducient Advisors LLC bought a new stake in Global Partners in the 3rd quarter worth $474,000. Stratos Wealth Advisors LLC purchased a new position in shares of Global Partners in the third quarter valued at about $225,000. Spinnaker Trust bought a new position in shares of Global Partners during the second quarter valued at about $203,000. Finally, Stifel Financial Corp boosted its holdings 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. Institutional investors 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.