Global Partners (NYSE:GLP) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Global Partners (NYSE:GLP) had its price target boosted by Stifel Nicolaus from $51.00 to $54.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

Global Partners Stock Up 1.4 %

GLP opened at $49.63 on Tuesday. Global Partners has a 1-year low of $32.51 and a 1-year high of $50.85. The company has a current ratio of 1.14, a quick ratio of 0.62 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 14.99 and a beta of 1.38. The business has a 50 day moving average of $46.10 and a 200-day moving average of $44.72.

Global Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 8th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 5.88%. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Friday, November 8th. Global Partners’s dividend payout ratio is presently 88.22%.

Insider Activity at Global Partners

In other news, insider Global Gp Llc bought 2,400 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was acquired at an average cost of $41.88 per share, for a total transaction of $100,512.00. Following the completion of the purchase, the insider now owns 196,681 shares of the company’s stock, valued at $8,237,000.28. This trade represents a 1.24 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders bought 41,926 shares of company stock worth $1,820,352. 41.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GLP. Leo Wealth LLC raised its stake in Global Partners by 45.0% during the first quarter. Leo Wealth LLC now owns 14,500 shares of the energy company’s stock worth $647,000 after acquiring an additional 4,500 shares in the last quarter. SVB Wealth LLC acquired a new position in Global Partners during the first quarter worth $374,000. Gilman Hill Asset Management LLC raised its stake 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 acquiring an additional 4,760 shares in the last quarter. Granite Bay Wealth Management LLC raised its stake 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 acquiring an additional 310,000 shares in the last quarter. Finally, Albert D Mason Inc. increased its stake in shares of Global Partners by 6.6% in the second quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock valued at $222,000 after buying an additional 300 shares in the last quarter. 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.