Global Partners (NYSE:GLP) Stock Crosses Above 200 Day Moving Average – Here’s Why

Global Partners LP (NYSE:GLP)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $46.79 and traded as high as $48.78. Global Partners shares last traded at $48.09, with a volume of 59,415 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GLP. Zacks Research cut shares of Global Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings upgraded shares of Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Finally, Wall Street Zen upgraded shares of Global Partners from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 13th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Global Partners presently has a consensus rating of “Hold” and a consensus target price of $46.00.

Global Partners Stock Performance

The company has a 50-day simple moving average of $47.76 and a two-hundred day simple moving average of $46.79. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.64 and a current ratio of 1.12. The firm has a market capitalization of $1.64 billion, a P/E ratio of 13.36 and a beta of 1.02.

Global Partners (NYSE:GLP) last posted its earnings results on Friday, May 8th. The energy company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $1.52. Global Partners had a return on equity of 24.23% and a net margin of 0.77%.The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $6.98 billion. As a group, equities analysts forecast that Global Partners LP will post 4.71 EPS for the current year.

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 11th were given a dividend of $0.765 per share. This is a boost from Global Partners’s previous quarterly dividend of $0.76. This represents a $3.06 annualized dividend and a dividend yield of 6.4%. The ex-dividend date was Monday, May 11th. Global Partners’s dividend payout ratio is presently 85.00%.

Hedge Funds Weigh In On Global Partners

A number of institutional investors have recently added to or reduced their stakes in GLP. Wealth Effects LLC increased its position in shares of Global Partners by 3.3% during the first quarter. Wealth Effects LLC now owns 9,300 shares of the energy company’s stock valued at $392,000 after acquiring an additional 300 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Global Partners by 0.8% in the first quarter. First Trust Advisors LP now owns 55,496 shares of the energy company’s stock worth $2,336,000 after purchasing an additional 463 shares during the last quarter. Susquehanna Portfolio Strategies LLC raised its stake in shares of Global Partners by 14.6% in the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 4,898 shares of the energy company’s stock worth $205,000 after purchasing an additional 625 shares during the last quarter. McMillan Office Inc. bought a new position in shares of Global Partners during the fourth quarter valued at $29,000. Finally, Spinnaker Trust lifted its holdings in shares of Global Partners by 6.1% during the first quarter. Spinnaker Trust now owns 12,146 shares of the energy company’s stock valued at $511,000 after purchasing an additional 700 shares in the last quarter. Institutional investors own 38.12% of the company’s stock.

About Global Partners

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.