Global Partners (NYSE:GLP) Reaches New 52-Week High – Time to Buy?

Global Partners LP (NYSE:GLP)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $59.66 and last traded at $59.66, with a volume of 211 shares. The stock had previously closed at $56.53.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus raised their price target on shares of Global Partners from $51.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th.

Global Partners Trading Down 3.5 %

The firm has a market capitalization of $1.83 billion, a P/E ratio of 16.25 and a beta of 1.43. The business’s 50-day moving average is $49.78 and its 200 day moving average is $45.86. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.14 and a quick ratio of 0.64.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 8th were paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 5.43%. This is an increase from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date was Friday, November 8th. Global Partners’s dividend payout ratio is presently 88.22%.

Insiders Place Their Bets

In other news, insider Global Gp Llc acquired 2,226 shares of Global Partners stock in a transaction on Friday, September 20th. The shares were purchased at an average cost of $44.71 per share, for a total transaction of $99,524.46. Following the completion of the purchase, the insider now directly owns 268,307 shares of the company’s stock, valued at approximately $11,996,005.97. This represents a 0.84 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have bought 17,226 shares of company stock worth $749,174 over the last ninety days. Corporate insiders own 41.50% of the company’s stock.

Institutional Investors Weigh In On Global Partners

A number of large investors have recently bought and sold shares of the company. Infrastructure Capital Advisors LLC grew its stake in Global Partners by 57.7% during the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after buying an additional 51,630 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Global Partners by 2.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock valued at $1,548,000 after purchasing an additional 725 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of Global Partners by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock valued at $1,478,000 after purchasing an additional 2,166 shares in the last quarter. Fiducient Advisors LLC acquired a new stake in shares of Global Partners in the 3rd quarter valued at approximately $474,000. Finally, Stratos Wealth Advisors LLC acquired a new stake in shares of Global Partners in the 3rd quarter valued at approximately $225,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

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.