Stifel Nicolaus downgraded shares of Global Partners (NYSE:GLP - Free Report) from a buy rating to a hold rating in a report published on Tuesday, Marketbeat.com reports. They currently have $56.00 price target on the energy company's stock, up from their prior price target of $54.00.
Global Partners Price Performance
Shares of Global Partners stock traded up $0.46 on Tuesday, hitting $53.36. The company had a trading volume of 74,995 shares, compared to its average volume of 76,194. Global Partners has a 52 week low of $37.00 and a 52 week high of $60.00. The company has a market cap of $1.81 billion, a PE ratio of 16.12 and a beta of 1.53. The business has a 50-day simple moving average of $53.35 and a 200-day simple moving average of $49.67. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.14 and a quick ratio of 0.64.
Global Partners Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 10th were given a $0.74 dividend. The ex-dividend date of this dividend was Monday, February 10th. This is a boost from Global Partners's previous quarterly dividend of $0.73. This represents a $2.96 annualized dividend and a yield of 5.55%. Global Partners's payout ratio is 122.31%.
Hedge Funds Weigh In On Global Partners
Several large investors have recently made changes to their positions in GLP. Capital Performance Advisors LLP acquired a new stake in Global Partners during the third quarter valued at approximately $93,000. Infrastructure Capital Advisors LLC increased its holdings 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 buying an additional 51,630 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Global Partners by 7.3% during the 3rd quarter. Stifel Financial Corp now owns 31,750 shares of the energy company's stock valued at $1,478,000 after acquiring an additional 2,166 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Global Partners by 9,171.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 70,464 shares of the energy company's stock worth $3,281,000 after acquiring an additional 69,704 shares in the last quarter. Finally, Albert D Mason Inc. grew its holdings in shares of Global Partners by 11.8% in the 4th quarter. Albert D Mason Inc. now owns 5,440 shares of the energy company's stock worth $253,000 after acquiring an additional 575 shares during the last quarter. Institutional investors own 38.12% of the company's stock.
Global Partners Company Profile
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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.
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