Global Partners (NYSE:GLP) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Global Partners LP (NYSE:GLP)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $46.79 and traded as high as $48.78. Global Partners shares last traded at $48.09, with a volume of 59,415 shares.

Analyst Ratings Changes

Several research firms have weighed in on GLP. Zacks Research cut Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Weiss Ratings raised shares of Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen upgraded shares of Global Partners from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 13th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $46.00.

Global Partners Price Performance

The company has a market capitalization of $1.65 billion, a PE ratio of 13.47 and a beta of 1.02. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.64 and a current ratio of 1.12. The stock has a 50 day moving average price of $47.77 and a two-hundred day moving average price of $46.84.

Global Partners (NYSE:GLP) last announced its quarterly earnings results on Friday, May 8th. The energy company reported $1.85 EPS for the quarter, beating the consensus estimate of $0.33 by $1.52. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $6.98 billion. Global Partners had a return on equity of 24.23% and a net margin of 0.77%. Equities analysts forecast that Global Partners LP will post 4.71 earnings per share for the current year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 11th were paid a dividend of $0.765 per share. This is a positive change from Global Partners’s previous quarterly dividend of $0.76. The ex-dividend date was Monday, May 11th. This represents a $3.06 annualized dividend and a dividend yield of 6.3%. Global Partners’s dividend payout ratio (DPR) is currently 85.00%.

Institutional Investors Weigh In On Global Partners

Several institutional investors and hedge funds have recently modified their holdings of GLP. GSA Capital Partners LLP raised its holdings in Global Partners by 185.9% during the fourth 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. JPMorgan Chase & Co. boosted its stake in shares of Global Partners by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 389,277 shares of the energy company’s stock worth $18,685,000 after acquiring an additional 55,304 shares in the last quarter. Alps Advisors Inc. increased its holdings in shares of Global Partners by 4.9% during the 4th quarter. Alps Advisors Inc. now owns 5,999,844 shares of the energy company’s stock valued at $251,093,000 after acquiring an additional 277,875 shares during the last quarter. Wealth Effects LLC increased its holdings in shares of Global Partners by 3.3% during the 1st 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 last quarter. Finally, CENTRAL TRUST Co bought a new position in shares of Global Partners in the 1st quarter valued at approximately $105,000. Institutional investors and hedge funds 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.