The target price for Global Partners (NYSE:GLP) increased to $51.00

Global Partners (NYSE:GLP – Free Report) Its price objective was upped by Stifel Nicolaus from $50.00 to $51.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a buy rating on the energy company’s stock.

Separately, StockNews.com downgraded shares of Global Partners from a buy rating to a hold rating in a research note on Tuesday, April 23rd.

See the latest stock analysis on GLP

Global Partners stock performance

GLP stock traded up $0.01 during mid-day trading on Friday, reaching $39.52. 10,915 shares of the company’s stock were exchanged, compared to its average volume of 113,273. The stock has a market cap of $1.34 billion, a PE ratio of 14.69 and a beta of 1.38. The company’s fifty-day simple moving average is $43.96, and its 200-day simple moving average is $45.34. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.17, and a quick ratio of 0.76. Global Partners has a 52-week low of $27.07 and a 52-week high of $50.85.

Global Partners increases dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Thursday, August 8th will be given a $0.72 dividend. This represents a dividend of $2.88 on an annualized basis and a yield of 7.29%. This is a positive change from Global Partners’ previous quarterly dividend of $0.71. The ex-dividend date is Thursday, August 8. Global Partners’ dividend payout ratio (DPR) is 107.06%.

Insiders place their bets

In other news, insider Global Gp Llc purchased 10,000 shares of the stock in a transaction dated Friday, May 17th. The shares were purchased at an average price of $44.05 per share, with a total value of $440,500.00. Following the completion of the purchase, the insider now directly owns 67,981 shares in the company, valued at $2,994,563.05. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. In the last quarter, insiders bought 100,000 shares of company stock worth $4,553,100. 41.50% of shares are owned by insiders.

Institutional trading of global partners

Several hedge funds have recently modified their holdings of the business. Granite Bay Wealth Management LLC boosted its holdings in Global Partners by 6,200.0% in the second quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock valued at $14,541,000 after acquiring an additional 310,000 shares during the period. Fractal Investments LLC boosted its stake in shares of Global Partners by 46.5% in the fourth quarter. Fractal Investments LLC now owns 195,234 shares of the energy company’s stock valued at $8,260,000 after purchasing an additional 62,000 shares during the period. Blackstone Inc. raised its position in Global Partners by 11.2% during the fourth quarter. Blackstone Inc. now owns 137,175 shares of the energy company’s stock worth $5,804,000 after purchasing an additional 13,800 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Global Partners by 0.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 113,527 shares of the energy company’s stock worth $5,038,000 after purchasing an additional 319 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its position in shares of Global Partners by 0.8% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 42,216 shares of the energy company’s stock valued at $1,786,000 after acquiring an additional 342 shares during the period. 38.12% of shares are owned by institutional investors and hedge funds.

About Global Partners

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Global Partners LP engages in the purchase, sale, collection, blending, storage and logistics of transporting gasoline and gasoline blends, distillates, waste 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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