Global Partners (NYSE:GLP) Shares Gap Down – What’s Next?

Global Partners LP (NYSE:GLP) gapped down prior to trading on Tuesday . The stock had previously closed at $54.00, but opened at $52.76. Global Partners shares last traded at $53.94, with a volume of 2,530 shares.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus downgraded shares of Global Partners from a “buy” rating to a “hold” rating and increased their price objective for the company from $54.00 to $56.00 in a report on Tuesday, March 4th.

Global Partners Stock Performance

The stock has a market cap of $1.85 billion, a price-to-earnings ratio of 16.41 and a beta of 1.05. The firm’s 50-day moving average is $50.45 and its two-hundred day moving average is $52.34. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 2.41.

Global Partners (NYSE:GLP) last announced its earnings results on Thursday, May 8th. The energy company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.39. The business had revenue of $4.59 billion during the quarter, compared to analysts’ expectations of $5.64 billion. Global Partners had a return on equity of 22.07% and a net margin of 0.82%. As a group, sell-side analysts expect that Global Partners LP will post 2.13 earnings per share for the current year.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Friday, May 9th were given a $0.745 dividend. This represents a $2.98 dividend on an annualized basis and a dividend yield of 5.49%. This is a boost from Global Partners’s previous quarterly dividend of $0.74. The ex-dividend date was Friday, May 9th. Global Partners’s dividend payout ratio is 94.60%.

Insider Transactions at Global Partners

In related news, COO Mark Romaine sold 2,195 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $54.06, for a total transaction of $118,661.70. Following the completion of the sale, the chief operating officer now owns 156,198 shares of the company’s stock, valued at approximately $8,444,063.88. This represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 41.50% of the company’s stock.

Institutional Investors Weigh In On Global Partners

Large investors have recently made changes to their positions in the stock. SVB Wealth LLC acquired a new position in Global Partners during the fourth quarter worth $330,000. JPMorgan Chase & Co. raised its holdings in shares of Global Partners by 53.8% during the 4th quarter. JPMorgan Chase & Co. now owns 108,357 shares of the energy company’s stock worth $5,044,000 after acquiring an additional 37,893 shares during the period. ING Groep NV acquired a new position in shares of Global Partners during the 4th quarter valued at about $1,536,000. Raymond James Financial Inc. acquired a new position in shares of Global Partners during the 4th quarter valued at about $6,510,000. Finally, Proficio Capital Partners LLC grew its holdings in shares of Global Partners by 4,555.0% in the fourth quarter. Proficio Capital Partners LLC now owns 5,818,750 shares of the energy company’s stock valued at $270,863,000 after purchasing an additional 5,693,750 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 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.