Global Partners (NYSE:GLP) Shares Gap Down – Time to Sell?

Shares of Global Partners LP (NYSE:GLP) gapped down before the market opened on Tuesday. The stock had previously closed at $45.01, but opened at $42.17. Global Partners shares last traded at $42.2320, with a volume of 5,221 shares.

Analyst Ratings Changes

GLP has been the topic of several recent analyst reports. Weiss Ratings downgraded shares of Global Partners from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday. Wall Street Zen cut shares of Global Partners from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 7th. Finally, Zacks Research raised shares of Global Partners from a “hold” rating to a “strong-buy” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $46.00.

Global Partners Trading Up 2.9%

The company has a current ratio of 1.09, a quick ratio of 0.71 and a debt-to-equity ratio of 2.29. The company has a 50-day simple moving average of $48.36 and a 200 day simple moving average of $47.94. The firm has a market cap of $1.50 billion, a PE ratio of 7.79 and a beta of 1.10.

Global Partners (NYSE:GLP) last posted its earnings results on Friday, November 6th. The energy company reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.35). Global Partners had a return on equity of 33.44% and a net margin of 0.93%. The firm had revenue of $6.68 billion for the quarter, compared to analysts’ expectations of $7.41 billion. As a group, sell-side analysts forecast that Global Partners LP will post 5.88 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Monday, November 9th will be given a dividend of $0.7850 per share. This is an increase from Global Partners’s previous quarterly dividend of $0.78. This represents a $3.14 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date is Monday, November 9th. Global Partners’s dividend payout ratio (DPR) is currently 56.99%.

Institutional Trading of Global Partners

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE purchased a new position in shares of Global Partners during the 2nd quarter valued at approximately $264,000. BlackRock Inc. acquired a new stake in Global Partners in the 2nd quarter valued at $4,789,000. Perigon Wealth Management LLC purchased a new position in Global Partners during the second quarter valued at $165,000. Waverly Advisors LLC grew its position in shares of Global Partners by 42.9% in the second quarter. Waverly Advisors LLC now owns 82,816 shares of the energy company’s stock valued at $3,858,000 after purchasing an additional 24,868 shares during the period. Finally, Alps Advisors Inc. grew its position in shares of Global Partners by 3.4% in the third quarter. Alps Advisors Inc. now owns 6,045,690 shares of the energy company’s stock valued at $279,915,000 after purchasing an additional 201,591 shares during the period. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

About Global Partners

Global Partners LP is an energy company that purchases, stores, transports and markets petroleum products and renewable fuels. Its products include gasoline, diesel and other distillates, residual fuel oil, and biofuels. The company operates an integrated network of fuel terminals, storage facilities and transportation assets, including pipelines and marine and truck transport capabilities. It also owns and operates gas stations and convenience stores, primarily in the northeastern United States.