Global Partners (NYSE:GLP) Reaches New 52-Week Low Following Weak Earnings
Global Partners (NYSE:GLP) shares fell to a new 52-week low of $39.70 after reporting weaker-than-expected earnings of $0.66 per share, missing estimates by $0.43. The company’s revenue was $4.69 billion, significantly below the $7.21 billion forecast. Despite this, Global Partners announced a quarterly dividend increase to $0.755, with a yield of 7.0%. Analysts have mixed ratings on the stock, with an average target price of $56.00. Institutional investors hold 38.12% of the stock, and the company has a market cap of $1.47 billion.
Global Partners LP (NYSE:GLP - Get Free Report) shares hit a new 52-week low during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $39.70 and last traded at $43.12, with a volume of 14729 shares traded. The stock had previously closed at $44.51.
The energy company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.43). Global Partners had a net margin of 0.64% and a return on equity of 17.95%. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $7.21 billion.
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Global Partners Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Monday, November 10th will be paid a $0.755 dividend. The ex-dividend date is Monday, November 10th. This is an increase from Global Partners's previous quarterly dividend of $0.75. This represents a $3.02 annualized dividend and a dividend yield of 7.0%. Global Partners's payout ratio is 116.15%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reiterated a "buy (b-)" rating on shares of Global Partners in a research report on Wednesday, October 8th. Zacks Research lowered shares of Global Partners from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $56.00.
Read Our Latest Stock Report on GLP
Insider Buying and Selling at Global Partners
In other Global Partners news, COO Mark Romaine sold 9,000 shares of Global Partners stock in a transaction on Monday, September 15th. The shares were sold at an average price of $51.44, for a total value of $462,960.00. Following the sale, the chief operating officer directly owned 130,531 shares in the company, valued at approximately $6,714,514.64. The trade was a 6.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 41.50% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Global Partners
Institutional investors and hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. bought a new stake in Global Partners in the third quarter valued at approximately $48,000. US Bancorp DE grew its holdings in Global Partners by 42.9% during the 1st quarter. US Bancorp DE now owns 2,037 shares of the energy company's stock worth $109,000 after acquiring an additional 612 shares during the period. State of Wyoming lifted its stake in shares of Global Partners by 110.2% in the 3rd quarter. State of Wyoming now owns 2,304 shares of the energy company's stock valued at $111,000 after purchasing an additional 1,208 shares during the period. First Horizon Corp acquired a new stake in Global Partners during the third quarter worth approximately $120,000. Finally, Traub Capital Management LLC acquired a new position in Global Partners in the second quarter valued at approximately $192,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.
Global Partners Trading Down 2.8%
The company has a current ratio of 1.18, a quick ratio of 0.70 and a debt-to-equity ratio of 2.74. The firm's 50-day moving average price is $48.06 and its 200 day moving average price is $50.43. The company has a market cap of $1.47 billion, a price-to-earnings ratio of 16.68 and a beta of 0.98.
Global Partners Company Profile
(Get Free Report)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.
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