Alps Advisors Inc. Purchases 201,591 Shares of Global Partners LP $GLP

Key Points

• Alps Advisors increased its Global Partners stake by 201,591 shares, or 3.4%, bringing its holdings to 6.05 million shares, valued at about $279.9 million and representing 17.78% of the company.
• Global Partners reported quarterly EPS of $1.26, below analysts’ $1.61 estimate, and revenue of $6.68 billion versus the $7.41 billion consensus.
• The company raised its quarterly dividend from $0.78 to $0.785 per share, equivalent to $3.14 annually and a 7.1% yield. Analysts’ consensus rating was Hold, with an average price target of $46.

Alps Advisors Inc. boosted its stake in Global Partners LP (NYSE:GLP - Free Report) by 3.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,045,690 shares of the energy company's stock after buying an additional 201,591 shares during the period. Global Partners accounts for approximately 1.2% of Alps Advisors Inc.'s portfolio, making the stock its 15th largest position. Alps Advisors Inc. owned 17.78% of Global Partners worth $279,915,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Global Partners in the second quarter valued at approximately $4,789,000. Infrastructure Capital Advisors LLC increased its stake in Global Partners by 2.3% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 110,208 shares of the energy company's stock valued at $4,640,000 after buying an additional 2,527 shares during the last quarter. Waverly Advisors LLC lifted its position in Global Partners by 42.9% during the second quarter. Waverly Advisors LLC now owns 82,816 shares of the energy company's stock worth $3,858,000 after purchasing an additional 24,868 shares during the period. Heartland Advisors Inc. acquired a new position in shares of Global Partners during the second quarter worth approximately $2,952,000. Finally, First Trust Advisors LP increased its stake in Global Partners by 0.8% in the 1st quarter. First Trust Advisors LP now owns 55,496 shares of the energy company's stock worth $2,336,000 after acquiring an additional 463 shares during the last quarter. 38.12% of the stock is owned by institutional investors.

Global Partners Stock Up 5.9%

Shares of NYSE:GLP opened at $44.13 on Friday. Global Partners LP has a 1 year low of $39.58 and a 1 year 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 $1.50 billion, a PE ratio of 9.38 and a beta of 1.10. The firm's 50-day moving average is $48.87 and its two-hundred day moving average is $47.97.

Global Partners (NYSE:GLP - Get Free Report) last released its quarterly earnings results on Friday, November 6th. The energy company reported $1.26 earnings per share for the quarter, missing analysts' consensus estimates of $1.61 by ($0.35). The company had revenue of $6.68 billion during the quarter, compared to analysts' expectations of $7.41 billion. Global Partners had a return on equity of 30.87% and a net margin of 0.91%. Analysts predict that Global Partners LP will post 6.02 EPS for the current year.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Monday, November 9th will be given a $0.7850 dividend. The ex-dividend date of this dividend is Monday, November 9th. This represents a $3.14 annualized dividend and a dividend yield of 7.1%. This is a boost from Global Partners's previous quarterly dividend of $0.78. Global Partners's payout ratio is presently 63.54%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GLP shares. Weiss Ratings raised Global Partners from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, September 28th. Wall Street Zen upgraded Global Partners from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $46.00.

Global Partners Company Profile

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.

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