Global Partners (NYSE:GLP) Stock Price Crosses Above 200-Day Moving Average – Time to Sell?

Global Partners LP (NYSE:GLP)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $45.25 and traded as high as $49.57. Global Partners shares last traded at $48.49, with a volume of 117,748 shares changing hands.

Wall Street Analysts Forecast Growth

GLP has been the topic of several research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Global Partners in a report on Friday, March 27th. Zacks Research upgraded shares of Global Partners from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Stifel Nicolaus boosted their price target on shares of Global Partners from $45.00 to $46.00 and gave the company a “hold” rating in a report on Monday, March 2nd. Finally, Wall Street Zen upgraded shares of Global Partners from a “hold” rating to a “buy” rating in a report on Saturday, March 7th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

Global Partners Price Performance

The stock has a market capitalization of $1.65 billion, a P/E ratio of 13.47 and a beta of 1.04. The stock’s fifty day moving average is $46.57 and its 200-day moving average is $45.25. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.14 and a quick ratio of 0.63.

Global Partners (NYSE:GLP) last issued its quarterly earnings data on Friday, May 8th. The energy company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $1.52. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $6.98 billion. Global Partners had a net margin of 0.53% and a return on equity of 15.99%. On average, equities analysts anticipate that Global Partners LP will post 3.19 earnings per share for the current year.

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Monday, May 11th will be issued a dividend of $0.765 per share. This represents a $3.06 dividend on an annualized basis and a yield of 6.3%. This is a positive change from Global Partners’s previous quarterly dividend of $0.76. The ex-dividend date is Monday, May 11th. Global Partners’s dividend payout ratio is currently 85.00%.

Insider Transactions at Global Partners

In other Global Partners news, COO Mark Romaine sold 2,020 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $48.19, for a total transaction of $97,343.80. Following the completion of the sale, the chief operating officer directly owned 141,609 shares in the company, valued at $6,824,137.71. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 24,063 shares of company stock worth $1,146,471 in the last three months. 41.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Global Partners

A number of hedge funds have recently bought and sold shares of the company. Spinnaker Trust boosted its holdings in Global Partners by 6.6% during the third quarter. Spinnaker Trust now owns 4,850 shares of the energy company’s stock valued at $233,000 after acquiring an additional 300 shares during the period. Wealth Effects LLC boosted its holdings in Global Partners by 3.3% during the first quarter. Wealth Effects LLC now owns 9,300 shares of the energy company’s stock valued at $392,000 after acquiring an additional 300 shares during the period. Susquehanna Portfolio Strategies LLC boosted its holdings in Global Partners by 14.6% during the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 4,898 shares of the energy company’s stock valued at $205,000 after acquiring an additional 625 shares during the period. McMillan Office Inc. bought a new stake in Global Partners during the fourth quarter valued at about $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new stake in Global Partners during the fourth quarter valued at about $29,000. 38.12% of the stock is currently owned by institutional investors.

Global Partners Company Profile

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.