Global Partners (NYSE:GLP) Shares Gap Down to $47.67

Global Partners LP (NYSE:GLP)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $47.67, but opened at $43.82. Global Partners shares last traded at $45.50, with a volume of 19,004 shares.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Global Partners from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd.

Global Partners Stock Performance

The business’s fifty day moving average price is $46.38 and its 200-day moving average price is $42.26. The stock has a market cap of $1.56 billion, a PE ratio of 12.27 and a beta of 1.33. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.71 and a current ratio of 1.12.

Global Partners (NYSE:GLP) last issued its earnings results on Wednesday, February 28th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.45. The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.39 billion. Global Partners had a net margin of 0.92% and a return on equity of 23.91%. As a group, equities research analysts forecast that Global Partners LP will post 3.53 EPS for the current fiscal year.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Thursday, May 9th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $2.84 annualized dividend and a dividend yield of 6.15%. This is a positive change from Global Partners’s previous quarterly dividend of $0.70. Global Partners’s payout ratio is presently 75.53%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GLP. Cambridge Investment Research Advisors Inc. increased its position in shares of Global Partners by 1.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 41,874 shares of the energy company’s stock valued at $1,479,000 after purchasing an additional 443 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Global Partners by 196.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 84,473 shares of the energy company’s stock worth $2,984,000 after purchasing an additional 56,026 shares in the last quarter. Brown Advisory Inc. purchased a new stake in shares of Global Partners in the 3rd quarter worth $212,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Global Partners by 4.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,913 shares of the energy company’s stock worth $13,807,000 after purchasing an additional 16,503 shares in the last quarter. Finally, Fractal Investments LLC raised its holdings in Global Partners by 1.8% in the 3rd quarter. Fractal Investments LLC now owns 133,234 shares of the energy company’s stock worth $4,706,000 after purchasing an additional 2,346 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.