Pallas Capital Advisors LLC Has $85.84 Million Stake in Global Partners LP $GLP

Pallas Capital Advisors LLC lifted its holdings in Global Partners LP (NYSE:GLP) by 1.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,627,973 shares of the energy company’s stock after acquiring an additional 26,069 shares during the period. Global Partners makes up approximately 3.3% of Pallas Capital Advisors LLC’s portfolio, making the stock its 2nd biggest position. Pallas Capital Advisors LLC owned approximately 4.79% of Global Partners worth $85,843,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in GLP. US Bancorp DE grew its stake in shares of Global Partners by 42.9% in the 1st quarter. US Bancorp DE now owns 2,037 shares of the energy company’s stock valued at $109,000 after buying an additional 612 shares during the period. Inspire Advisors LLC acquired a new stake in shares of Global Partners in the 1st quarter valued at about $216,000. Silverberg Bernstein Capital Management LLC acquired a new stake in shares of Global Partners in the 1st quarter valued at about $222,000. Marcum Wealth LLC acquired a new stake in shares of Global Partners in the 1st quarter valued at about $356,000. Finally, HighTower Advisors LLC grew its stake in shares of Global Partners by 22.3% in the 1st quarter. HighTower Advisors LLC now owns 15,144 shares of the energy company’s stock valued at $808,000 after buying an additional 2,760 shares during the period. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Trading Up 1.2%

NYSE:GLP opened at $50.92 on Wednesday. The company has a current ratio of 1.18, a quick ratio of 0.70 and a debt-to-equity ratio of 2.74. The stock has a market capitalization of $1.73 billion, a PE ratio of 19.58 and a beta of 0.96. The firm’s 50 day moving average is $51.53 and its 200 day moving average is $51.88. Global Partners LP has a 12 month low of $42.88 and a 12 month high of $60.00.

Global Partners (NYSE:GLP) last posted its quarterly earnings results on Thursday, August 7th. The energy company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.05). The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $5.98 billion. Global Partners had a return on equity of 17.95% and a net margin of 0.64%. Sell-side analysts expect that Global Partners LP will post 2.13 earnings per share for the current year.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 8th were issued a $0.75 dividend. This is a boost from Global Partners’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Friday, August 8th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.9%. Global Partners’s payout ratio is presently 115.38%.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded Global Partners to a “strong-buy” rating in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Global Partners has a consensus rating of “Buy” and a consensus target price of $56.00.

Insider Activity at Global Partners

In related news, COO Mark Romaine sold 9,000 shares of Global Partners stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $51.44, for a total value of $462,960.00. Following the sale, the chief operating officer owned 130,531 shares of the company’s stock, valued at approximately $6,714,514.64. The trade was a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 36,000 shares of company stock valued at $1,860,601. Insiders own 41.50% of the company’s stock.

Global Partners Profile

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.