Global Partners LP (NYSE:GLP) to Issue Quarterly Dividend of $0.72

Global Partners LP (NYSE:GLP) declared a quarterly dividend on Wednesday, July 24th, Zacks reports. Investors of record on Thursday, August 8th will be given a dividend of 0.72 per share by the energy company on Wednesday, August 14th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 7.20%. The ex-dividend date is Thursday, August 8th. This is a positive change from Global Partners’s previous quarterly dividend of $0.71.

Global Partners has increased its dividend payment by an average of 12.2% per year over the last three years. Global Partners has a dividend payout ratio of 69.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Global Partners to earn $4.08 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 69.6%.

Global Partners Stock Down 2.1 %

GLP stock opened at $40.00 on Thursday. The company has a current ratio of 1.17, a quick ratio of 0.76 and a debt-to-equity ratio of 2.23. The firm has a market capitalization of $1.38 billion, a PE ratio of 14.87 and a beta of 1.38. Global Partners has a 1-year low of $27.07 and a 1-year high of $50.85. The business’s 50 day simple moving average is $45.18 and its 200 day simple moving average is $45.59.

Global Partners (NYSE:GLP) last posted its earnings results on Wednesday, May 8th. The energy company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.47). The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $5.22 billion. Global Partners had a return on equity of 18.45% and a net margin of 0.71%. As a group, research analysts anticipate that Global Partners will post 3.53 EPS for the current year.

Insider Buying and Selling at Global Partners

In other news, insider Global Gp Llc acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were purchased at an average cost of $43.29 per share, with a total value of $432,900.00. Following the acquisition, the insider now directly owns 47,981 shares in the company, valued at approximately $2,077,097.49. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have bought a total of 110,000 shares of company stock valued at $4,979,700 in the last ninety days. 41.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Global Partners from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd.

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.