Global Partners LP (NYSE:GLP) Increases Dividend to $0.73 Per Share

Global Partners LP (NYSE:GLP - Get Free Report) announced a quarterly dividend on Wednesday, October 23rd, Zacks reports. Shareholders of record on Friday, November 8th will be given a dividend of 0.73 per share by the energy company on Thursday, November 14th. This represents a $2.92 annualized dividend and a dividend yield of 6.15%. The ex-dividend date of this dividend is Friday, November 8th. This is a positive change from Global Partners's previous quarterly dividend of $0.72.

Global Partners has raised its dividend payment by an average of 12.2% annually over the last three years and has increased its dividend every year for the last 4 years. Global Partners has a dividend payout ratio of 77.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Equities analysts expect Global Partners to earn $3.73 per share next year, which means the company should continue to be able to cover its $2.88 annual dividend with an expected future payout ratio of 77.2%.

Global Partners Price Performance

Shares of GLP stock traded down $0.52 on Thursday, reaching $47.45. The company's stock had a trading volume of 73,576 shares, compared to its average volume of 100,032. The company has a quick ratio of 0.62, a current ratio of 1.10 and a debt-to-equity ratio of 2.52. Global Partners has a 12-month low of $29.61 and a 12-month high of $50.85. The company has a market capitalization of $1.61 billion, a P/E ratio of 17.83 and a beta of 1.38. The stock's 50 day simple moving average is $44.64 and its 200-day simple moving average is $44.55.

Global Partners (NYSE:GLP - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The energy company reported $1.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.50 by ($0.40). Global Partners had a return on equity of 19.21% and a net margin of 0.71%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $5.51 billion. As a group, equities analysts predict that Global Partners will post 3.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Stifel Nicolaus increased their price objective on Global Partners from $50.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, August 9th.

Insider Transactions at Global Partners

In related news, insider Global Gp Llc bought 7,500 shares of the firm's stock in a transaction dated Thursday, August 29th. The stock was bought at an average cost of $45.08 per share, for a total transaction of $338,100.00. Following the transaction, the insider now owns 214,181 shares of the company's stock, valued at $9,655,279.48. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have bought 43,226 shares of company stock valued at $1,872,989. Corporate insiders own 41.50% 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.