Global Partners (NYSE:GLP) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Shares of Global Partners LP (NYSE:GLP) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $46.03 and traded as high as $49.92. Global Partners shares last traded at $48.51, with a volume of 62,344 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GLP. Stifel Nicolaus lifted their price target on shares of Global Partners from $45.00 to $46.00 and gave the stock a “hold” rating in a research note on Monday, March 2nd. Zacks Research raised shares of Global Partners from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Weiss Ratings raised shares of Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Finally, Wall Street Zen cut shares of Global Partners from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 24th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $46.00.

Global Partners Stock Performance

The company has a current ratio of 1.12, a quick ratio of 0.64 and a debt-to-equity ratio of 2.58. The business’s 50 day moving average is $47.65 and its 200 day moving average is $46.13. The stock has a market capitalization of $1.69 billion, a PE ratio of 13.81 and a beta of 1.01.

Global Partners (NYSE:GLP) last announced its quarterly earnings data on Friday, May 8th. The energy company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $1.52. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $6.98 billion. On average, equities research analysts predict that Global Partners LP will post 4.71 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 11th were issued a dividend of $0.765 per share. This represents a $3.06 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date was Monday, May 11th. This is a positive change from Global Partners’s previous quarterly dividend of $0.76. Global Partners’s dividend payout ratio (DPR) is 85.00%.

Insiders Place Their Bets

In related news, COO Mark Romaine sold 2,020 shares of Global Partners 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 owned 141,609 shares in the company, valued at $6,824,137.71. This trade represents a 1.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders have sold 21,311 shares of company stock worth $1,014,249. Company insiders own 41.50% of the company’s stock.

Institutional Investors Weigh In On Global Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its holdings in Global Partners by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 389,277 shares of the energy company’s stock valued at $18,685,000 after buying an additional 55,304 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in Global Partners by 185.9% during the 4th quarter. GSA Capital Partners LLP now owns 30,850 shares of the energy company’s stock valued at $1,291,000 after buying an additional 20,060 shares in the last quarter. ING Groep NV bought a new stake in Global Partners during the 3rd quarter valued at about $1,296,000. McMillan Office Inc. bought a new stake in Global Partners during the 4th quarter valued at about $29,000. Finally, Cetera Investment Advisers raised its holdings in shares of Global Partners by 2.5% in the 1st quarter. Cetera Investment Advisers now owns 54,743 shares of the energy company’s stock valued at $2,305,000 after purchasing an additional 1,337 shares in the last quarter. Institutional investors own 38.12% of the company’s stock.

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.