Global Partners (NYSE:GLP) Sets New 52-Week High – Still a Buy?

Global Partners LP (NYSE:GLP) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $53.31 and last traded at $52.86, with a volume of 9412 shares trading hands. The stock had previously closed at $53.01.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus raised 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 1.5 %

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’s 50 day moving average is $47.66 and its 200-day moving average is $45.01. The company has a market capitalization of $1.86 billion, a P/E ratio of 16.24 and a beta of 1.38.

Global Partners Increases Dividend

The company 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. The ex-dividend date was Friday, November 8th. This represents a $2.92 annualized dividend and a dividend yield of 5.33%. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. Global Partners’s dividend payout ratio is currently 88.22%.

Insider Buying and Selling

In other Global Partners news, insider Global Gp Llc bought 5,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was acquired at an average price of $42.40 per share, with a total value of $212,000.00. Following the completion of the purchase, the insider now owns 239,181 shares of the company’s stock, valued at approximately $10,141,274.40. This trade represents a 2.14 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have bought a total of 34,526 shares of company stock valued at $1,506,490 over the last ninety days. Company insiders own 41.50% of the company’s stock.

Institutional Trading of Global Partners

Several hedge funds and other institutional investors have recently made changes to their positions in GLP. SVB Wealth LLC bought a new stake in Global Partners in the first quarter worth $374,000. Gilman Hill Asset Management LLC grew its position in Global Partners by 17.8% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock valued at $1,436,000 after purchasing an additional 4,760 shares during the last quarter. Granite Bay Wealth Management LLC increased its stake in Global Partners by 6,200.0% during the 2nd quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock valued at $14,541,000 after purchasing an additional 310,000 shares in the last quarter. Albert D Mason Inc. raised its holdings in Global Partners by 6.6% in the second quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock worth $222,000 after buying an additional 300 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Global Partners in the second quarter worth approximately $41,000. 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.