Global Partners (NYSE:GLP) Sees Unusually-High Trading Volume

Posted by on Jun 16th, 2022

Shares of Global Partners LP (NYSE:GLP – Get Rating) saw an uptick in trading volume on Thursday . 5,225 shares traded hands during trading, a decline of 95% from the previous session’s volume of 101,383 shares.The stock last traded at $21.25 and had previously closed at $23.10.

A number of equities research analysts have recently weighed in on the company. TheStreet raised Global Partners from a “c+” rating to a “b” rating in a report on Monday, May 23rd. StockNews.com upgraded shares of Global Partners from a “hold” rating to a “buy” rating in a research note on Monday, May 9th. Finally, Stifel Nicolaus upped their target price on shares of Global Partners from $24.00 to $26.00 and gave the stock a “hold” rating in a report on Tuesday, March 1st.

The stock has a fifty day moving average price of $27.34 and a 200-day moving average price of $26.12. The company has a debt-to-equity ratio of 3.49, a quick ratio of 0.76 and a current ratio of 1.32. The firm has a market capitalization of $697.68 million, a PE ratio of 9.01 and a beta of 1.18.

Global Partners (NYSE:GLP – Get Rating) last released its quarterly earnings results on Friday, May 6th. The energy company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.87. The firm had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $3.69 billion. Global Partners had a net margin of 0.63% and a return on equity of 24.43%. Research analysts expect that Global Partners LP will post 3.45 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 13th. Shareholders of record on Monday, May 9th were paid a $0.595 dividend. The ex-dividend date of this dividend was Friday, May 6th. This is a positive change from Global Partners’s previous quarterly dividend of $0.59. This represents a $2.38 dividend on an annualized basis and a yield of 11.60%. Global Partners’s payout ratio is currently 103.93%.

In other Global Partners news, insider Global Gp Llc acquired 6,940 shares of the firm’s stock in a transaction dated Tuesday, May 24th. The shares were acquired at an average price of $28.08 per share, for a total transaction of $194,875.20. Following the completion of the acquisition, the insider now directly owns 49,276 shares of the company’s stock, valued at $1,383,670.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 41.50% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of GLP. Goldman Sachs Group Inc. boosted its position in Global Partners by 398.3% in the third quarter. Goldman Sachs Group Inc. now owns 107,102 shares of the energy company’s stock valued at $2,268,000 after buying an additional 85,607 shares in the last quarter. Tortoise Index Solutions LLC increased its position in shares of Global Partners by 5.8% in the fourth quarter. Tortoise Index Solutions LLC now owns 21,701 shares of the energy company’s stock valued at $510,000 after acquiring an additional 1,191 shares during the last quarter. Avantax Advisory Services Inc. increased its position in Global Partners by 2.6% during the fourth quarter. Avantax Advisory Services Inc. now owns 22,573 shares of the energy company’s stock worth $530,000 after buying an additional 564 shares during the last quarter. Royal Bank of Canada increased its position in Global Partners by 2.1% during the third quarter. Royal Bank of Canada now owns 198,416 shares of the energy company’s stock worth $4,202,000 after buying an additional 4,091 shares during the last quarter. Finally, Arrow Investment Advisors LLC grew its position in shares of Global Partners by 18.9% in the fourth quarter. Arrow Investment Advisors LLC now owns 13,043 shares of the energy company’s stock valued at $306,000 after purchasing an additional 2,075 shares during the last quarter.

Global Partners Company Profile (NYSE:GLP)

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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