Global Partners (NYSE:GLP) Stock Price Passes Above 200-Day Moving Average – What’s Next?

Global Partners LP (NYSE:GLP) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $46.24 and traded as high as $47.45. Global Partners shares last traded at $47.3690, with a volume of 93,440 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GLP. Weiss Ratings upgraded Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Zacks Research upgraded shares of Global Partners from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Finally, Wall Street Zen raised shares of Global Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $46.00.

Global Partners Trading Up 1.7%

The company has a 50 day moving average of $47.54 and a two-hundred day moving average of $46.24. The stock has a market capitalization of $1.61 billion, a PE ratio of 13.16 and a beta of 1.02. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.64 and a current ratio of 1.12.

Global Partners (NYSE:GLP) last released its quarterly earnings results on Friday, May 8th. The energy company reported $1.85 EPS for the quarter, beating 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 company had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $6.98 billion. Sell-side analysts predict that Global Partners LP will post 4.71 EPS for the current year.

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 11th were given a dividend of $0.765 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.06 annualized dividend and a yield of 6.5%. This is a boost from Global Partners’s previous quarterly dividend of $0.76. Global Partners’s payout ratio is presently 85.00%.

Institutional Investors Weigh In On Global Partners

Large investors have recently made changes to their positions in the stock. Alps Advisors Inc. increased its position in shares of Global Partners by 4.9% in the 4th quarter. Alps Advisors Inc. now owns 5,999,844 shares of the energy company’s stock valued at $251,093,000 after acquiring an additional 277,875 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Global Partners by 4.6% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,937,895 shares of the energy company’s stock valued at $93,019,000 after purchasing an additional 85,347 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Global Partners by 12.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 608,283 shares of the energy company’s stock worth $25,457,000 after purchasing an additional 67,337 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Global Partners by 13.1% in the fourth quarter. JPMorgan Chase & Co. now owns 440,167 shares of the energy company’s stock valued at $18,421,000 after buying an additional 50,890 shares during the last quarter. Finally, UBS Group AG boosted its position in Global Partners by 26.6% in the third quarter. UBS Group AG now owns 235,024 shares of the energy company’s stock valued at $11,281,000 after buying an additional 49,319 shares during the last quarter. 38.12% of the stock is owned by hedge funds and other institutional investors.

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.