Perigon Wealth Management LLC Purchases Shares of 22,838 Global Partners LP $GLP

Perigon Wealth Management LLC acquired a new stake in shares of Global Partners LP (NYSE:GLP) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,838 shares of the energy company’s stock, valued at approximately $165,000.

A number of other large investors also recently modified their holdings of the company. Wealth Effects LLC lifted its stake in shares of Global Partners by 3.3% in the first quarter. Wealth Effects LLC now owns 9,300 shares of the energy company’s stock valued at $392,000 after buying an additional 300 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Global Partners by 0.8% in the 1st quarter. First Trust Advisors LP now owns 55,496 shares of the energy company’s stock worth $2,336,000 after buying an additional 463 shares during the last quarter. Susquehanna Portfolio Strategies LLC grew its stake in Global Partners by 14.6% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 4,898 shares of the energy company’s stock valued at $205,000 after purchasing an additional 625 shares during the period. Spinnaker Trust grew its position in Global Partners by 6.1% during the first quarter. Spinnaker Trust now owns 12,146 shares of the energy company’s stock valued at $511,000 after buying an additional 700 shares during the period. Finally, McMillan Office Inc. purchased a new stake in shares of Global Partners during the 4th quarter worth approximately $29,000. 38.12% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on GLP. Wall Street Zen raised Global Partners from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Zacks Research downgraded Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings upgraded shares of Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Global Partners currently has an average rating of “Hold” and an average target price of $46.00.

Global Partners Price Performance

GLP opened at $50.28 on Friday. The company has a debt-to-equity ratio of 2.44, a current ratio of 1.19 and a quick ratio of 0.71. Global Partners LP has a 1 year low of $39.58 and a 1 year high of $53.25. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 10.24 and a beta of 1.01. The stock’s 50 day simple moving average is $48.01 and its 200 day simple moving average is $47.67.

Global Partners (NYSE:GLP) last posted its quarterly earnings results on Friday, August 7th. The energy company reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.62. Global Partners had a net margin of 0.91% and a return on equity of 30.87%. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $7.51 billion. As a group, analysts predict that Global Partners LP will post 5.87 earnings per share for the current year.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 10th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 6.2%. This is a boost from Global Partners’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend was Monday, August 10th. Global Partners’s payout ratio is presently 63.54%.

Global Partners 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.