Global Partners (NYSE:GLP) Sets New 12-Month High – Time to Buy?

Global Partners LP (NYSE:GLP)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $59.66 and last traded at $59.66, with a volume of 211 shares changing hands. The stock had previously closed at $56.53.

Analyst Ratings Changes

Separately, Stifel Nicolaus boosted their price objective on shares of Global Partners from $51.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th.

Global Partners Price Performance

The company has a debt-to-equity ratio of 2.41, a current ratio of 1.14 and a quick ratio of 0.64. The stock has a market capitalization of $1.96 billion, a PE ratio of 17.08 and a beta of 1.43. The stock’s fifty day moving average is $49.47 and its 200-day moving average is $45.72.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 5.07%. This is a boost from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Friday, November 8th. Global Partners’s dividend payout ratio is 88.22%.

Insider Activity

In related news, insider Global Gp Llc bought 4,800 shares of the stock in a transaction on Tuesday, September 10th. The stock was bought at an average price of $43.17 per share, with a total value of $207,216.00. Following the completion of the purchase, the insider now directly owns 243,981 shares in the company, valued at $10,532,659.77. This represents a 2.01 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired 22,026 shares of company stock worth $956,390 over the last three months. Insiders own 41.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Infrastructure Capital Advisors LLC boosted its stake in shares of Global Partners by 57.7% in the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock valued at $6,572,000 after purchasing an additional 51,630 shares during the period. International Assets Investment Management LLC purchased a new position in Global Partners in the second quarter worth approximately $41,000. Exchange Traded Concepts LLC lifted its stake in Global Partners by 2.2% in the third quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after acquiring an additional 725 shares during the last quarter. Spinnaker Trust purchased a new position in Global Partners in the second quarter worth approximately $203,000. Finally, Fiducient Advisors LLC purchased a new position in Global Partners in the third quarter worth approximately $474,000. 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.