Insider Selling: Global Partners (NYSE:GLP) COO Sells 252 Shares of Stock

Global Partners LP (NYSE:GLP) COO Mark Romaine sold 252 shares of Global Partners stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $48.50, for a total value of $12,222.00. Following the sale, the chief operating officer owned 166,357 shares of the company’s stock, valued at approximately $8,068,314.50. This trade represents a 0.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Mark Romaine also recently made the following trade(s):

• On Monday, March 9th, Mark Romaine sold 2,500 shares of Global Partners stock. The stock was sold at an average price of $48.00, for a total value of $120,000.00.

Global Partners Price Performance

Shares of GLP stock traded up $0.24 during trading on Wednesday, hitting $47.86. The company had a trading volume of 29,183 shares, compared to its average volume of 44,510. The stock’s 50-day moving average is $46.09 and its two-hundred day moving average is $46.15. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 22.68 and a beta of 1.00. The company has a quick ratio of 0.63, a current ratio of 1.14 and a debt-to-equity ratio of 2.74. Global Partners LP has a 52 week low of $39.58 and a 52 week high of $56.59.

Global Partners (NYSE:GLP) last announced its earnings results on Friday, February 27th. The energy company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.06). Global Partners had a net margin of 0.53% and a return on equity of 15.99%. The company had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $6.94 billion. As a group, analysts predict that Global Partners LP will post 2.13 EPS for the current fiscal year.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Monday, February 9th were issued a dividend of $0.76 per share. The ex-dividend date of this dividend was Monday, February 9th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 6.4%. This is an increase from Global Partners’s previous quarterly dividend of $0.76. Global Partners’s payout ratio is presently 144.08%.

Hedge Funds Weigh In On Global Partners

A number of large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC purchased a new stake in Global Partners during the first quarter valued at about $862,000. Cetera Investment Advisers increased its holdings in shares of Global Partners by 40.3% in the second quarter. Cetera Investment Advisers now owns 24,815 shares of the energy company’s stock worth $1,308,000 after buying an additional 7,123 shares during the period. Traub Capital Management LLC bought a new stake in shares of Global Partners in the 2nd quarter valued at about $192,000. JPMorgan Chase & Co. lifted its stake in shares of Global Partners by 37.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 333,973 shares of the energy company’s stock valued at $17,610,000 after acquiring an additional 90,169 shares during the last quarter. Finally, NBW Capital LLC boosted its holdings in Global Partners by 1.5% during the 2nd quarter. NBW Capital LLC now owns 79,794 shares of the energy company’s stock valued at $4,208,000 after acquiring an additional 1,181 shares during the period. Hedge funds and other institutional investors own 38.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Zacks Research upgraded Global Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Wall Street Zen upgraded Global Partners from a “hold” rating to a “buy” rating in a research report on Saturday. Stifel Nicolaus raised their price objective on Global Partners from $45.00 to $46.00 and gave the company a “hold” rating in a report on Monday, March 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Global Partners in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Global Partners currently has a consensus rating of “Hold” and an average target price of $46.00.

About Global Partners

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.