Global Partners (NYSE:GLP) Stock Passes Above 200-Day Moving Average – Here’s Why

Global Partners LP (NYSE:GLP)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $46.01 and traded as high as $48.35. Global Partners shares last traded at $46.91, with a volume of 168,013 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus upped their price target on Global Partners from $51.00 to $54.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th.

Global Partners Trading Up 0.7 %

The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 14.27 and a beta of 1.43. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.64 and a current ratio of 1.14. The company has a 50 day moving average of $50.45 and a 200-day moving average of $46.01.

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were paid a $0.73 dividend. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date was Friday, November 8th. This represents a $2.92 annualized dividend and a dividend yield of 6.18%. Global Partners’s dividend payout ratio (DPR) is presently 88.22%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC purchased a new position in Global Partners in the 2nd quarter valued at approximately $41,000. Capital Performance Advisors LLP acquired a new stake in Global Partners in the third quarter valued at approximately $93,000. Stratos Wealth Advisors LLC acquired a new stake in shares of Global Partners in the 3rd quarter valued at $225,000. Fiducient Advisors LLC purchased a new stake in shares of Global Partners during the 3rd quarter worth $474,000. Finally, Stifel Financial Corp grew its stake in shares of Global Partners by 7.3% during the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock worth $1,478,000 after purchasing an additional 2,166 shares in the last quarter. Institutional investors and hedge funds 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.