Global Partners LP (NYSE:GLP) announced a quarterly dividend on Monday, October 30th, Wall Street Journal reports. Shareholders of record on Thursday, November 9th will be paid a dividend of 0.4625 per share by the energy company on Tuesday, November 14th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 10.42%. The ex-dividend date is Wednesday, November 8th.

Global Partners has decreased its dividend payment by an average of 7.5% annually over the last three years. Global Partners has a dividend payout ratio of 207.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Global Partners to earn $0.42 per share next year, which means the company may not be able to cover its $1.85 annual dividend with an expected future payout ratio of 440.5%.

Shares of Global Partners (NYSE:GLP) traded down 0.28% during midday trading on Monday, hitting $17.75. The company’s stock had a trading volume of 29,450 shares. The stock’s 50 day moving average is $17.48 and its 200-day moving average is $17.95. Global Partners has a 52-week low of $14.85 and a 52-week high of $21.95. The firm’s market cap is $595.58 million.

Global Partners (NYSE:GLP) last released its quarterly earnings results on Wednesday, August 9th. The energy company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.02. Global Partners had a negative net margin of 1.83% and a positive return on equity of 0.21%. The firm had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter in the prior year, the firm posted ($0.22) earnings per share. The business’s quarterly revenue was down 2.6% on a year-over-year basis. Equities analysts predict that Global Partners will post $1.01 EPS for the current fiscal year.

GLP has been the subject of several research reports. BidaskClub upgraded shares of Global Partners from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Zacks Investment Research upgraded shares of Global Partners from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Monday, July 17th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $21.00 target price on shares of Global Partners in a research report on Friday, July 28th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $18.40.

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About Global Partners

Global Partners LP is a midstream logistics and marketing company. It is engaged in the purchasing, selling, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane.

Dividend History for Global Partners (NYSE:GLP)

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