Global Partners (NYSE:GLP) Stock Price Up 6.1% After Insider Buying Activity

Global Partners LP (NYSE:GLP) shares rose 6.1% on Thursday following insider buying activity. The stock traded as high as $45.00 and last traded at $45.00. Approximately 6,343 shares changed hands during trading, a decline of 94% from the average daily volume of 108,400 shares. The stock had previously closed at $42.41.

Specifically, insider Global Gp Llc bought 4,800 shares of the stock in a transaction on Tuesday, September 10th. The shares were purchased at an average price of $43.17 per share, for a total transaction of $207,216.00. Following the completion of the purchase, the insider now directly owns 243,981 shares of the company’s stock, valued at approximately $10,532,659.77. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Global Gp Llc purchased 5,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were purchased at an average cost of $42.40 per share, with a total value of $212,000.00. Following the completion of the purchase, the insider now directly owns 239,181 shares in the company, valued at $10,141,274.40. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus increased their price objective on Global Partners from $50.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, August 9th.

Global Partners Price Performance

The firm’s 50 day moving average is $41.66 and its 200-day moving average is $44.61. The company has a quick ratio of 0.62, a current ratio of 1.10 and a debt-to-equity ratio of 2.52.

Global Partners (NYSE:GLP) last announced its quarterly earnings results on Wednesday, August 7th. The energy company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.40). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $5.51 billion. Global Partners had a return on equity of 19.21% and a net margin of 0.71%. Equities analysts forecast that Global Partners LP will post 3.19 earnings per share for the current year.

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.88 dividend on an annualized basis and a yield of 6.72%. This is a boost from Global Partners’s previous quarterly dividend of $0.71. Global Partners’s dividend payout ratio is presently 107.06%.

Hedge Funds Weigh In On Global Partners

A number of institutional investors have recently modified their holdings of the company. Granite Bay Wealth Management LLC grew its position in shares of Global Partners by 6,200.0% in the second quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock valued at $14,541,000 after purchasing an additional 310,000 shares during the last quarter. Blackstone Inc. lifted its holdings in shares of Global Partners by 11.2% during the fourth quarter. Blackstone Inc. now owns 137,175 shares of the energy company’s stock worth $5,804,000 after buying an additional 13,800 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Global Partners by 0.8% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 42,216 shares of the energy company’s stock worth $1,786,000 after buying an additional 342 shares during the last quarter. Tortoise Index Solutions LLC boosted its position in shares of Global Partners by 12.9% in the fourth quarter. Tortoise Index Solutions LLC now owns 36,404 shares of the energy company’s stock valued at $1,540,000 after acquiring an additional 4,148 shares during the period. Finally, Gilman Hill Asset Management LLC grew its stake in shares of Global Partners by 17.8% in the second quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock worth $1,436,000 after acquiring an additional 4,760 shares during the last quarter. Institutional investors own 38.12% of the company’s stock.

About Global Partners

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. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.