Stifel Nicolaus Increases Global Partners (NYSE:GLP) Price Target to $54.00

Global Partners (NYSE:GLP) had its target price increased by Stifel Nicolaus from $51.00 to $54.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the energy company’s stock.

Global Partners Price Performance

NYSE GLP opened at $49.52 on Tuesday. The company’s 50 day simple moving average is $46.25 and its 200 day simple moving average is $44.76. The firm has a market capitalization of $1.68 billion, a PE ratio of 14.96 and a beta of 1.38. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.14 and a quick ratio of 0.62. Global Partners has a 12 month low of $32.51 and a 12 month high of $50.85.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 8th were paid a dividend of $0.73 per share. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date was Friday, November 8th. This represents a $2.92 annualized dividend and a dividend yield of 5.90%. Global Partners’s dividend payout ratio is 88.22%.

Insider Transactions at Global Partners

In related news, insider Global Gp Llc bought 2,226 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was acquired at an average price of $44.71 per share, for a total transaction of $99,524.46. Following the transaction, the insider now directly owns 268,307 shares of the company’s stock, valued at $11,996,005.97. This represents a 0.84 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last three months, insiders bought 41,926 shares of company stock worth $1,820,352. 41.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Global Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLP. Leo Wealth LLC increased its position in shares of Global Partners by 45.0% in the first quarter. Leo Wealth LLC now owns 14,500 shares of the energy company’s stock valued at $647,000 after acquiring an additional 4,500 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Global Partners in the 2nd quarter valued at about $41,000. Exchange Traded Concepts LLC increased its stake in Global Partners by 2.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after acquiring an additional 725 shares during the period. Spinnaker Trust bought a new stake in Global Partners during the second quarter worth about $203,000. Finally, Fiducient Advisors LLC bought a new stake in shares of Global Partners during the 3rd quarter worth approximately $474,000. Institutional investors own 38.12% 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.