Global Partners LP (NYSE:GLP) Raises Dividend to $0.70 Per Share

Global Partners LP (NYSE:GLPGet Free Report) announced a quarterly dividend on Wednesday, January 24th, Zacks reports. Investors of record on Thursday, February 8th will be paid a dividend of 0.70 per share by the energy company on Wednesday, February 14th. This represents a $2.80 annualized dividend and a dividend yield of 5.95%. The ex-dividend date of this dividend is Wednesday, February 7th. This is a positive change from Global Partners’s previous quarterly dividend of $0.69.

Global Partners has increased its dividend by an average of 12.2% per year over the last three years and has raised its dividend every year for the last 4 years. Global Partners has a payout ratio of 65.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Global Partners to earn $3.89 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 72.0%.

Global Partners Stock Up 1.3 %

Shares of NYSE:GLP opened at $47.02 on Tuesday. Global Partners has a 52 week low of $27.07 and a 52 week high of $48.38. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.71 and a current ratio of 1.14. The company has a market cap of $1.59 billion, a PE ratio of 12.09 and a beta of 1.38. The firm has a 50 day simple moving average of $41.45 and a 200 day simple moving average of $35.30.

Global Partners (NYSE:GLPGet Free Report) last released its earnings results on Thursday, November 9th. The energy company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.09). Global Partners had a return on equity of 24.37% and a net margin of 0.94%. The company had revenue of $4.22 billion during the quarter, compared to analysts’ expectations of $4.26 billion. As a group, research analysts expect that Global Partners will post 3.3 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Stifel Nicolaus increased their target price on shares of Global Partners from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Wednesday, December 27th.

View Our Latest Report on GLP

Insider Activity at Global Partners

In other Global Partners news, insider Global Gp Llc bought 10,000 shares of the stock in a transaction on Thursday, November 16th. The shares were purchased at an average cost of $33.34 per share, with a total value of $333,400.00. Following the completion of the transaction, the insider now directly owns 65,206 shares of the company’s stock, valued at approximately $2,173,968.04. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders acquired 48,000 shares of company stock valued at $1,646,540. Insiders own 41.50% of the company’s stock.

Institutional Trading of Global Partners

Several large investors have recently made changes to their positions in GLP. Royal Bank of Canada lifted its holdings in Global Partners by 0.3% in the 3rd quarter. Royal Bank of Canada now owns 180,659 shares of the energy company’s stock worth $6,381,000 after purchasing an additional 520 shares during the last quarter. Raymond James Trust N.A. grew its holdings in Global Partners by 4.2% during the first quarter. Raymond James Trust N.A. now owns 13,515 shares of the energy company’s stock valued at $369,000 after purchasing an additional 546 shares during the last quarter. Cetera Advisors LLC grew its holdings in Global Partners by 3.4% during the fourth quarter. Cetera Advisors LLC now owns 17,447 shares of the energy company’s stock valued at $607,000 after purchasing an additional 573 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Global Partners by 2.8% during the first quarter. Commonwealth Equity Services LLC now owns 25,701 shares of the energy company’s stock valued at $797,000 after purchasing an additional 700 shares during the last quarter. Finally, Apollon Wealth Management LLC grew its holdings in Global Partners by 8.3% during the first quarter. Apollon Wealth Management LLC now owns 9,356 shares of the energy company’s stock valued at $290,000 after purchasing an additional 714 shares during the last quarter. Institutional investors own 32.01% of the company’s stock.

Global Partners Company Profile

(Get Free Report)

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers in the New England states, Mid-Atlantic region, and New York.

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Dividend History for Global Partners (NYSE:GLP)

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