Global Partners (NYSE:GLP) Hits New 12-Month High – Here’s What Happened

Global Partners LP (NYSE:GLP)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $56.56 and last traded at $56.47, with a volume of 12479 shares trading hands. The stock had previously closed at $55.93.

Analysts Set New Price Targets

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

Global Partners Stock Up 0.3 %

The company has a market cap of $1.91 billion, a P/E ratio of 16.90 and a beta of 1.43. The firm’s 50 day moving average price is $48.53 and its two-hundred day moving average price is $45.37. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.64 and a current ratio of 1.14.

Global Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were paid a $0.73 dividend. The ex-dividend date of this dividend was Friday, November 8th. This is an increase from Global Partners’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 5.20%. Global Partners’s dividend payout ratio (DPR) is currently 88.22%.

Insider Buying and Selling

In other Global Partners news, insider Global Gp Llc purchased 2,226 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was acquired at an average price of $44.71 per share, for a total transaction of $99,524.46. Following the purchase, the insider now owns 268,307 shares of the company’s stock, valued at $11,996,005.97. This trade represents a 0.84 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have bought 27,026 shares of company stock valued at $1,168,390. 41.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Granite Bay Wealth Management LLC grew its holdings in Global Partners by 6,200.0% during the second quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock worth $14,541,000 after buying an additional 310,000 shares in the last quarter. Infrastructure Capital Advisors LLC grew its stake in shares of Global Partners by 57.7% in the 3rd quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after acquiring an additional 51,630 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Global Partners by 2.2% in the third 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 during the last quarter. Stifel Financial Corp lifted its position in shares of Global Partners by 7.3% during the third 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. Finally, Gilman Hill Asset Management LLC boosted its holdings in Global Partners by 17.8% during the second quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock worth $1,436,000 after purchasing an additional 4,760 shares during the last quarter. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Company 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.