Global Partners LP (NYSE:GLP – Get Free Report)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $43.09, but opened at $46.00. Global Partners shares last traded at $45.9650, with a volume of 21,328 shares trading hands.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Global Partners from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Stifel Nicolaus increased their price objective on Global Partners from $45.00 to $46.00 and gave the company a “hold” rating in a report on Monday, March 2nd. Weiss Ratings raised Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen upgraded Global Partners from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 13th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $46.00.
Check Out Our Latest Analysis on GLP
Global Partners Price Performance
Global Partners (NYSE:GLP – Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The energy company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $1.52. The company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $6.98 billion. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. On average, research analysts expect that Global Partners LP will post 4.71 earnings per share for the current year.
Global Partners Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 11th were given a dividend of $0.765 per share. This is an increase from Global Partners’s previous quarterly dividend of $0.76. This represents a $3.06 annualized dividend and a dividend yield of 6.6%. The ex-dividend date was Monday, May 11th. Global Partners’s dividend payout ratio (DPR) is currently 85.00%.
Hedge Funds Weigh In On Global Partners
Several hedge funds have recently made changes to their positions in GLP. McMillan Office Inc. bought a new stake in shares of Global Partners during the 4th quarter valued at $29,000. Garton & Associates Financial Advisors LLC bought a new position in Global Partners in the 4th quarter worth about $29,000. International Assets Investment Management LLC purchased a new position in Global Partners during the 4th quarter valued at about $41,000. PNC Financial Services Group Inc. purchased a new position in Global Partners during the 3rd quarter valued at about $48,000. Finally, Smartleaf Asset Management LLC purchased a new position in Global Partners during the 4th quarter valued at about $85,000. 38.12% of the stock is currently owned by hedge funds and other institutional investors.
Global Partners Company Profile
Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.
Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.
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