22,838 Shares in Global Partners LP $GLP Purchased by Perigon Wealth Management LLC

Key Points

• Perigon Wealth Management purchased 22,838 shares of Global Partners LP, valued at approximately $165,000, while institutional investors collectively own 38.12% of the company.
• Global Partners reported quarterly EPS of $1.86, beating estimates of $1.24, though revenue of $6.79 billion fell short of the $7.51 billion consensus forecast.
• The company raised its quarterly dividend to $0.78 per share, equivalent to an annualized $3.12 payout and a 6.2% yield. Analyst sentiment remains mixed, with an overall consensus rating of “Hold” and a $46 price target.

Perigon Wealth Management LLC bought a new position in shares of Global Partners LP (NYSE:GLP - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 22,838 shares of the energy company's stock, valued at approximately $165,000. Perigon Wealth Management LLC owned approximately 0.07% of Global Partners at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. McMillan Office Inc. bought a new position in shares of Global Partners in the 4th quarter valued at about $29,000. Garton & Associates Financial Advisors LLC bought a new position in Global Partners during the fourth quarter worth about $29,000. International Assets Investment Management LLC acquired a new position in shares of Global Partners in the 4th quarter valued at approximately $41,000. PNC Financial Services Group Inc. bought a new stake in shares of Global Partners during the third quarter worth $48,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Global Partners in the 2nd quarter valued at about $60,000. Institutional investors own 38.12% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on GLP. Wall Street Zen raised shares of Global Partners from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Weiss Ratings upgraded Global Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, May 26th. Finally, Zacks Research lowered shares of Global Partners from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Global Partners currently has an average rating of "Hold" and a consensus target price of $46.00.

Global Partners Stock Performance

Global Partners stock opened at $50.28 on Friday. The business's 50-day moving average price is $48.01 and its two-hundred day moving average price is $47.67. The stock has a market cap of $1.71 billion, a PE ratio of 10.24 and a beta of 1.01. Global Partners LP has a 12-month low of $39.58 and a 12-month high of $53.25. The company has a quick ratio of 0.71, a current ratio of 1.19 and a debt-to-equity ratio of 2.44.

Global Partners (NYSE:GLP - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The energy company reported $1.86 EPS for the quarter, beating 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 business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $7.51 billion. As a group, analysts expect that Global Partners LP will post 5.87 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 10th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, August 10th. This is an increase from Global Partners's previous quarterly dividend of $0.77. This represents a $3.12 annualized dividend and a dividend yield of 6.2%. Global Partners's payout ratio is 63.54%.

About Global Partners

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.

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