Global Partners (NYSE:GLP) Shares Gap Down to $47.67

Global Partners LP (NYSE:GLP) gapped down prior to trading on Wednesday . The stock had previously closed at $47.67, but opened at $43.82. Global Partners shares last traded at $45.50, with a volume of 19,004 shares.

Analyst Ratings Changes

Separately, StockNews.com cut Global Partners from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd.

Global Partners Stock Performance

The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 11.97 and a beta of 1.33. The stock has a 50-day moving average of $46.40 and a 200-day moving average of $42.21. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.71 and a current ratio of 1.12.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Wednesday, February 28th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.45. The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Global Partners had a net margin of 0.92% and a return on equity of 23.91%. As a group, analysts anticipate that Global Partners LP will post 3.53 EPS for the current fiscal year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Thursday, May 9th will be paid a $0.71 dividend. This is a positive change from Global Partners’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 6.42%. The ex-dividend date is Wednesday, May 8th. Global Partners’s payout ratio is presently 75.53%.

Hedge Funds Weigh In On Global Partners

A number of large investors have recently modified their holdings of the business. Manchester Capital Management LLC acquired a new stake in shares of Global Partners in the third quarter valued at about $35,000. Signaturefd LLC bought a new position in Global Partners in the fourth quarter valued at approximately $85,000. Tower Research Capital LLC TRC increased its position in shares of Global Partners by 592.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,090 shares of the energy company’s stock worth $88,000 after purchasing an additional 1,788 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Global Partners during the 3rd quarter worth approximately $138,000. Finally, Albert D Mason Inc. bought a new stake in shares of Global Partners during the 1st quarter worth approximately $203,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Company Profile

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.