Global Partners LP (GLP) to Distribute Quarterly Dividend of $0.78 on August 14th

Global Partners LP (NYSE:GLP) declared a quarterly dividend on Wednesday, July 29th. Investors of record on Monday, August 10th will be paid a dividend of 0.78 per share by the energy company on Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date is Monday, August 10th. This is a 2.0% increase from Global Partners’s previous quarterly dividend of $0.77.

Global Partners has increased its dividend by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 5 years. Global Partners has a dividend payout ratio of 103.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Global Partners to earn $3.71 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 84.1%.

Global Partners Stock Performance

Shares of GLP stock opened at $50.12 on Friday. The firm has a market capitalization of $1.70 billion, a PE ratio of 13.92 and a beta of 1.01. The firm has a fifty day simple moving average of $47.70 and a two-hundred day simple moving average of $47.32. The company has a current ratio of 1.12, a quick ratio of 0.64 and a debt-to-equity ratio of 2.58. Global Partners has a 12 month low of $39.58 and a 12 month high of $53.25.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Friday, August 7th. The energy company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.62. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $7.51 billion. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. Analysts forecast that Global Partners will post 4.71 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GLP shares. Weiss Ratings upgraded shares of Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Wall Street Zen downgraded Global Partners from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Zacks Research lowered Global Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $46.00.

About Global Partners

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.