Global Partners LP (NYSE:GLP) Declares Quarterly Dividend of $0.79

Key Points

• Global Partners declared a quarterly dividend of $0.785 per share, a 0.6% increase from the prior payment. The dividend implies $3.14 in annualized distributions and a 6.5% yield, with payment scheduled for November 13 to shareholders of record November 9.
• The company has raised its dividend for five consecutive years, but its current 103% payout ratio exceeds earnings. Analysts expect improved coverage next year, with an estimated payout ratio of 81.9%.
• Global Partners recently reported quarterly EPS of $1.86, beating estimates of $1.24, while revenue of $6.79 billion fell short of expectations. Institutional investors own 38.12% of the company.

Global Partners LP (NYSE:GLP - Get Free Report) declared a quarterly dividend on Thursday, October 29th. Stockholders of record on Monday, November 9th will be paid a dividend of $0.7850 per share by the energy company on Friday, November 13th. This represents a $3.14 annualized dividend and a dividend yield of 6.5%. The ex-dividend date of this dividend is Monday, November 9th. This is a 0.6% increase from Global Partners's previous quarterly dividend of $0.78.

Global Partners has increased its dividend by an average of 0.1% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Global Partners has a dividend payout ratio of 103.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Global Partners to earn $3.81 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 81.9%.

Global Partners Stock Performance

NYSE:GLP opened at $47.99 on Friday. The business's fifty day moving average price is $49.53 and its 200 day moving average price is $47.95. Global Partners has a 12 month low of $39.58 and a 12 month high of $54.29. The company has a debt-to-equity ratio of 2.44, a current ratio of 1.19 and a quick ratio of 0.71. The firm has a market capitalization of $1.63 billion, a PE ratio of 9.77 and a beta of 1.11.

Global Partners (NYSE:GLP - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The energy company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.62. Global Partners had a net margin of 0.91% and a return on equity of 30.87%. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $7.51 billion. On average, sell-side analysts anticipate that Global Partners will post 6.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Global Partners

Several institutional investors have recently modified their holdings of GLP. Compass Wealth Management LLC acquired a new position in Global Partners during the 3rd quarter valued at about $93,000. Tidal Investments LLC acquired a new position in shares of Global Partners during the second quarter valued at approximately $273,000. Soltis Investment Advisors LLC acquired a new position in shares of Global Partners during the third quarter valued at approximately $316,000. Kestra Advisory Services LLC raised its holdings in Global Partners by 46.9% during the first quarter. Kestra Advisory Services LLC now owns 8,147 shares of the energy company's stock worth $343,000 after purchasing an additional 2,602 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in Global Partners in the second quarter worth approximately $60,000. Institutional investors own 38.12% of the company's stock.

About Global Partners

Global Partners LP NYSE: GLP is an integrated energy company that owns, supplies, stores, transports and markets energy products. The company's activities include the wholesale distribution of gasoline, diesel, distillates, residual oil, renewable fuels and other petroleum products, as well as the terminaling and storage of these products.

Global Partners serves customers primarily across the northeastern and mid-Atlantic United States. Its wholesale operations supply gasoline stations, commercial and industrial users, utilities, distributors and other energy customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.