Blackstone Inc. Decreases Stock Position in Global Partners LP (NYSE:GLP)

Blackstone Inc. lowered its stake in shares of Global Partners LP (NYSE:GLP - Free Report) by 4.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 152,104 shares of the energy company's stock after selling 6,805 shares during the period. Blackstone Inc. owned approximately 0.45% of Global Partners worth $7,080,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLP. United Capital Financial Advisors LLC lifted its stake in shares of Global Partners by 1.5% in the 4th quarter. United Capital Financial Advisors LLC now owns 15,464 shares of the energy company's stock worth $720,000 after purchasing an additional 226 shares during the period. US Bancorp DE grew its position in shares of Global Partners by 54.1% during the fourth quarter. US Bancorp DE now owns 1,425 shares of the energy company's stock worth $66,000 after purchasing an additional 500 shares in the last quarter. Albert D Mason Inc. grew its holdings in Global Partners by 11.8% during the 4th quarter. Albert D Mason Inc. now owns 5,440 shares of the energy company's stock valued at $253,000 after buying an additional 575 shares in the last quarter. Virtu Financial LLC bought a new stake in Global Partners in the 4th quarter valued at $288,000. Finally, XTX Topco Ltd bought a new stake in shares of Global Partners in the fourth quarter worth about $302,000. Institutional investors own 38.12% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus cut shares of Global Partners from a "buy" rating to a "hold" rating and boosted their price target for the stock from $54.00 to $56.00 in a research report on Tuesday, March 4th.

Insider Buying and Selling

In other Global Partners news, COO Mark Romaine sold 2,195 shares of the company's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $54.06, for a total value of $118,661.70. Following the transaction, the chief operating officer now directly owns 156,198 shares in the company, valued at $8,444,063.88. This represents a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 41.50% of the stock is owned by corporate insiders.

Global Partners Stock Down 1.1 %

NYSE GLP opened at $50.74 on Tuesday. The company has a fifty day moving average of $52.28 and a two-hundred day moving average of $51.89. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 15.33 and a beta of 1.02. The company has a quick ratio of 0.64, a current ratio of 1.14 and a debt-to-equity ratio of 2.41. Global Partners LP has a 52 week low of $37.00 and a 52 week high of $60.00.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Friday, May 9th will be paid a $0.745 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.98 annualized dividend and a yield of 5.87%. This is an increase from Global Partners's previous quarterly dividend of $0.74. Global Partners's dividend payout ratio (DPR) is presently 123.14%.

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.

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