36,399 Shares of Global Partners LP $GLP Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 36,399 shares of Global Partners in the second quarter, worth approximately $264,000 and representing about 0.11% of the company. Several other institutional investors also initiated positions, bringing institutional ownership to 38.12%.
• Global Partners reported quarterly EPS of $1.86, exceeding analyst expectations of $1.24, although revenue of $6.79 billion fell short of the $7.51 billion consensus estimate.
• The company increased its quarterly dividend to $0.78 per share, equivalent to an annualized $3.12 dividend and a 6.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $46, below the reported share price of $46.92.

Bank of America Corp DE acquired a new position in shares of Global Partners LP (NYSE:GLP - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 36,399 shares of the energy company's stock, valued at approximately $264,000. Bank of America Corp DE owned about 0.11% of Global Partners at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ancora Advisors LLC acquired a new position in shares of Global Partners in the 2nd quarter valued at about $156,000. Bard Associates Inc. acquired a new stake in Global Partners during the second quarter worth approximately $936,000. Ieq Capital LLC acquired a new stake in Global Partners during the second quarter worth approximately $117,000. Heartland Advisors Inc. bought a new stake in Global Partners in the second quarter worth approximately $2,952,000. Finally, BlackRock Inc. bought a new stake in Global Partners in the second quarter worth approximately $4,789,000. 38.12% of the stock is owned by institutional investors and hedge funds.

Global Partners Stock Performance

Shares of GLP opened at $46.92 on Monday. The firm has a market capitalization of $1.60 billion, a P/E ratio of 9.56 and a beta of 1.11. Global Partners LP has a 52 week low of $39.58 and a 52 week high of $54.29. The stock has a 50 day moving average price of $50.04 and a two-hundred day moving average price of $48.18. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.71 and a current ratio of 1.19.

Global Partners (NYSE:GLP - Get Free Report) last announced its earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.62. Global Partners had a return on equity of 30.87% and a net margin of 0.91%.The company had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $7.51 billion. Equities analysts forecast that Global Partners LP will post 5.87 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 10th were paid a $0.78 dividend. This is a positive change from Global Partners's previous quarterly dividend of $0.7650. The ex-dividend date was Monday, August 10th. This represents a $3.12 annualized dividend and a yield of 6.7%. Global Partners's dividend payout ratio (DPR) is 63.54%.

Analysts Set New Price Targets

A number of research firms have issued reports on GLP. Zacks Research cut Global Partners from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of Global Partners from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Finally, Weiss Ratings upgraded shares of Global Partners from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, September 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $46.00.

About Global Partners

Global Partners LP NYSE: GLP is an integrated energy supply, logistics and retail company headquartered in Waltham, Massachusetts. The company purchases, stores, transports and distributes a range of energy products, including gasoline, diesel and other refined petroleum products, renewable fuels, crude oil and natural gas.

Global Partners operates a network of terminals and transportation assets that supports the movement of energy products throughout the northeastern United States and other parts of the country.

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