Global Partners (NYSE:GLP) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Global Partners LP (NYSE:GLP)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $47.32 and traded as high as $50.36. Global Partners shares last traded at $50.1250, with a volume of 149,257 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GLP shares. Zacks Research lowered Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Wall Street Zen lowered Global Partners from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Weiss Ratings raised Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $46.00.

Global Partners Stock Up 3.3%

The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.64 and a current ratio of 1.12. The company has a market cap of $1.70 billion, a P/E ratio of 13.92 and a beta of 1.01. The stock has a 50 day moving average price of $47.70 and a 200 day moving average price of $47.32.

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

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 10th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date is Monday, August 10th. This is an increase from Global Partners’s previous quarterly dividend of $0.77. Global Partners’s payout ratio is presently 85.00%.

Institutional Trading of Global Partners

A number of hedge funds have recently bought and sold shares of the company. McMillan Office Inc. purchased a new position in Global Partners during the 4th quarter worth approximately $29,000. Garton & Associates Financial Advisors LLC acquired a new stake in Global Partners during 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. acquired a new position in shares of Global Partners in the 3rd quarter valued at about $48,000. Finally, Global Retirement Partners LLC acquired a new position in shares of Global Partners in the 2nd quarter valued at about $60,000. 38.12% of the stock is owned by hedge funds and other institutional investors.

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.