Global Partners (NYSE:GLP) Trading Up 2.8% on Insider Buying Activity

Global Partners LP (NYSE:GLP)’s share price rose 2.8% on Thursday after an insider bought additional shares in the company. The company traded as high as $45.21 and last traded at $44.80. Approximately 12,662 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 130,653 shares. The stock had previously closed at $43.57.

Specifically, insider Global Gp Llc acquired 10,000 shares of Global Partners stock in a transaction on Wednesday, May 15th. The stock was acquired at an average cost of $43.29 per share, with a total value of $432,900.00. Following the transaction, the insider now owns 47,981 shares of the company’s stock, valued at approximately $2,077,097.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders purchased 50,000 shares of company stock valued at $2,184,500. 41.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Global Partners Trading Down 0.4 %

The company has a market cap of $1.50 billion, a P/E ratio of 16.46 and a beta of 1.33. The company has a quick ratio of 0.76, a current ratio of 1.17 and a debt-to-equity ratio of 2.23. The firm’s 50-day moving average price is $45.70 and its 200-day moving average price is $43.21.

Global Partners (NYSE:GLP) last announced its quarterly earnings results on Wednesday, February 28th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.45. Global Partners had a net margin of 0.71% and a return on equity of 18.45%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.39 billion. As a group, equities research analysts expect that Global Partners LP will post 3.11 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Thursday, May 9th were given a dividend of $0.71 per share. The ex-dividend date was Wednesday, May 8th. 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 6.41%. Global Partners’s payout ratio is presently 105.58%.

Hedge Funds Weigh In On Global Partners

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Manchester Capital Management LLC bought a new stake in shares of Global Partners during the 3rd quarter worth $35,000. Signaturefd LLC purchased a new position in shares of Global Partners in the 4th quarter worth about $85,000. Tower Research Capital LLC TRC boosted its holdings in shares of Global Partners by 592.1% in 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 in the last quarter. Acadian Asset Management LLC bought a new position in shares of Global Partners during the 3rd quarter valued at about $138,000. Finally, Albert D Mason Inc. purchased a new position in shares of Global Partners during the 1st quarter valued at about $203,000. Hedge funds and other 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.