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

Global Partners LP (NYSE:GLP) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $53.31 and last traded at $52.86, with a volume of 9412 shares traded. The stock had previously closed at $53.01.

Wall Street Analyst Weigh In

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 report on Tuesday, November 12th.

Global Partners Price Performance

The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 2.41. The stock’s 50 day moving average price is $47.25 and its two-hundred day moving average price is $44.89. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 15.71 and a beta of 1.38.

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were paid a dividend of $0.73 per share. The ex-dividend date was Friday, November 8th. This is an increase from Global Partners’s previous quarterly dividend of $0.72. This represents a $2.92 dividend on an annualized basis and a dividend yield of 5.53%. Global Partners’s dividend payout ratio (DPR) is 88.22%.

Insider Activity at Global Partners

In other news, insider Global Gp Llc acquired 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was acquired at an average cost of $45.08 per share, with a total value of $338,100.00. Following the acquisition, the insider now owns 214,181 shares in the company, valued at approximately $9,655,279.48. This represents a 3.63 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders bought 39,526 shares of company stock valued at $1,719,840. 41.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GLP. Granite Bay Wealth Management LLC grew its position in shares of Global Partners by 6,200.0% in the second quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock valued at $14,541,000 after purchasing an additional 310,000 shares during the last quarter. Infrastructure Capital Advisors LLC boosted its position in shares of Global Partners by 57.7% during the 3rd quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock valued at $6,572,000 after acquiring an additional 51,630 shares in the last quarter. Exchange Traded Concepts LLC raised its position in Global Partners by 2.2% in the third quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after purchasing an additional 725 shares in the last quarter. Stifel Financial Corp lifted its stake in Global Partners by 7.3% during the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock worth $1,478,000 after purchasing an additional 2,166 shares during the period. 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 valued at $1,436,000 after purchasing an additional 4,760 shares in the last quarter. Institutional investors and hedge funds own 38.12% of the company’s stock.

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.