7,748 Shares in Global Partners LP $GLP Bought by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC purchased 7,748 shares of Global Partners LP, valued at approximately $408,000 during the 2nd quarter.
• Analysts have given Global Partners a consensus rating of "Buy" and a price target of $56.00, with Zacks Research even raising the stock to a "strong-buy" rating.
• Global Partners recently increased its quarterly dividend to $0.75 per share, representing an annualized dividend of $3.00 and a yield of 6.5%.

Wealth Enhancement Advisory Services LLC purchased a new stake in Global Partners LP (NYSE:GLP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 7,748 shares of the energy company's stock, valued at approximately $408,000.

Several other institutional investors have also made changes to their positions in GLP. Pallas Capital Advisors LLC increased its stake in Global Partners by 8.1% in the first quarter. Pallas Capital Advisors LLC now owns 1,601,904 shares of the energy company's stock valued at $85,510,000 after acquiring an additional 119,924 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Global Partners by 0.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,230 shares of the energy company's stock worth $1,667,000 after acquiring an additional 259 shares in the last quarter. Alps Advisors Inc. lifted its holdings in shares of Global Partners by 12.8% during the first quarter. Alps Advisors Inc. now owns 5,584,745 shares of the energy company's stock valued at $298,114,000 after acquiring an additional 635,126 shares during the period. Cetera Investment Advisers grew its holdings in shares of Global Partners by 1.1% in the 1st quarter. Cetera Investment Advisers now owns 17,692 shares of the energy company's stock worth $944,000 after purchasing an additional 196 shares during the last quarter. Finally, Inspire Advisors LLC acquired a new stake in shares of Global Partners during the 1st quarter worth about $216,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Zacks Research raised shares of Global Partners to a "strong-buy" rating in a research note on Monday, August 11th. Weiss Ratings restated a "buy (b-)" rating on shares of Global Partners in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $56.00.

Insiders Place Their Bets

In related news, COO Mark Romaine sold 9,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $51.44, for a total value of $462,960.00. Following the sale, the chief operating officer owned 130,531 shares in the company, valued at approximately $6,714,514.64. This represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 27,000 shares of company stock valued at $1,378,652. 41.50% of the stock is currently owned by corporate insiders.

Global Partners Stock Performance

Shares of GLP stock opened at $46.05 on Tuesday. The company has a fifty day moving average price of $50.76 and a two-hundred day moving average price of $51.31. Global Partners LP has a one year low of $43.20 and a one year high of $60.00. The stock has a market cap of $1.57 billion, a P/E ratio of 17.71 and a beta of 0.95. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.18 and a quick ratio of 0.70.

Global Partners (NYSE:GLP - Get Free Report) last issued its earnings results on Thursday, August 7th. The energy company reported $0.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.05). Global Partners had a net margin of 0.64% and a return on equity of 17.95%. The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $5.98 billion. As a group, equities analysts predict that Global Partners LP will post 2.13 EPS for the current year.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 8th were paid a dividend of $0.75 per share. The ex-dividend date was Friday, August 8th. This represents a $3.00 annualized dividend and a dividend yield of 6.5%. This is an increase from Global Partners's previous quarterly dividend of $0.75. Global Partners's dividend payout ratio is presently 115.38%.

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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