Global Partners LP (NYSE:GLP) declared a quarterly dividend on Friday, July 28th, NASDAQ reports. Stockholders of record on Wednesday, August 9th will be paid a dividend of 0.463 per share by the energy company on Monday, August 14th. This represents a $1.85 annualized dividend and a dividend yield of 10.67%. The ex-dividend date of this dividend is Monday, August 7th.
Global Partners has decreased its dividend payment by an average of 7.5% annually over the last three years. Global Partners has a payout ratio of 181.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Global Partners to earn $0.47 per share next year, which means the company may not be able to cover its $1.85 annual dividend with an expected future payout ratio of 393.6%.
Global Partners (NYSE GLP) traded up 0.87% during midday trading on Friday, hitting $17.35. The company had a trading volume of 37,422 shares. The stock has a 50 day moving average of $17.78 and a 200 day moving average of $18.91. The firm’s market cap is $582.16 million. Global Partners has a 52-week low of $14.51 and a 52-week high of $21.95.
Global Partners (NYSE:GLP) last issued its earnings results on Wednesday, August 9th. The energy company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.02. Global Partners had a positive return on equity of 0.21% and a negative net margin of 1.83%. The firm had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter last year, the firm earned ($0.22) earnings per share. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, analysts anticipate that Global Partners will post $1.01 EPS for the current year.
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GLP has been the topic of a number of research analyst reports. BidaskClub upgraded Global Partners from a “strong sell” rating to a “sell” rating in a report on Friday, August 4th. Zacks Investment Research upgraded Global Partners from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Monday, July 17th. Stifel Nicolaus reiterated a “buy” rating and issued a $21.00 target price on shares of Global Partners in a report on Friday, July 28th. Finally, Janney Montgomery Scott initiated coverage on Global Partners in a report on Friday, June 23rd. They issued a “neutral” rating and a $18.00 target price on the stock. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $18.40.
About Global Partners
Global Partners LP is a midstream logistics and marketing company. It is engaged in the purchasing, selling, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane.
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