Alps Advisors Inc. Purchases 277,875 Shares of Global Partners LP $GLP

Key Points

• Alps Advisors Inc. increased its stake in Global Partners LP by 4.9% in the fourth quarter, buying 277,875 additional shares and bringing its holdings to 5,999,844 shares worth about $251.1 million. The stock now represents about 1.5% of its portfolio and its 12th-largest position.
• Global Partners posted strong quarterly earnings, reporting $1.85 EPS versus the $0.33 consensus estimate, even though revenue of $5.32 billion came in below expectations. Analysts currently have a consensus Buy rating with an average price target of $46.00.
• The company also raised its dividend to $0.765 per quarter, implying an annualized payout of $3.06 and a 6.2% yield. Meanwhile, insider selling continued, including COO Mark Romaine’s sale of 2,020 shares at $48.19 each.

Alps Advisors Inc. grew its position in Global Partners LP (NYSE:GLP - Free Report) by 4.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 5,999,844 shares of the energy company's stock after acquiring an additional 277,875 shares during the period. Global Partners accounts for approximately 1.5% of Alps Advisors Inc.'s investment portfolio, making the stock its 12th biggest position. Alps Advisors Inc. owned 17.65% of Global Partners worth $251,093,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. LPL Financial LLC raised its position in Global Partners by 7.1% during the 4th quarter. LPL Financial LLC now owns 14,764 shares of the energy company's stock worth $618,000 after purchasing an additional 973 shares during the last quarter. International Assets Investment Management LLC bought a new position in Global Partners during the 4th quarter worth $41,000. PNC Financial Services Group Inc. bought a new position in Global Partners during the 3rd quarter worth $48,000. Creative Planning raised its position in Global Partners by 6.9% during the 3rd quarter. Creative Planning now owns 16,043 shares of the energy company's stock worth $770,000 after purchasing an additional 1,030 shares during the last quarter. Finally, State of Wyoming raised its position in Global Partners by 110.2% during the 3rd quarter. State of Wyoming now owns 2,304 shares of the energy company's stock worth $111,000 after purchasing an additional 1,208 shares during the last quarter. 38.12% of the stock is currently owned by institutional investors.

Insider Activity at Global Partners

In related news, COO Mark Romaine sold 2,020 shares of Global Partners stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $48.19, for a total value of $97,343.80. Following the sale, the chief operating officer owned 141,609 shares of the company's stock, valued at approximately $6,824,137.71. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 21,311 shares of company stock valued at $1,014,249. Insiders own 41.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GLP. Stifel Nicolaus raised their target price on Global Partners from $45.00 to $46.00 and gave the stock a "hold" rating in a research report on Monday, March 2nd. Zacks Research raised Global Partners from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 28th. Wall Street Zen lowered Global Partners from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 24th. Finally, Weiss Ratings raised Global Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $46.00.

Global Partners Price Performance

GLP stock opened at $49.72 on Friday. Global Partners LP has a 52-week low of $39.58 and a 52-week high of $56.51. The business has a 50-day simple moving average of $47.65 and a two-hundred day simple moving average of $46.13. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.64 and a current ratio of 1.12. The company has a market capitalization of $1.69 billion, a P/E ratio of 13.81 and a beta of 1.01.

Global Partners (NYSE:GLP - Get Free Report) last posted its earnings results on Friday, May 8th. The energy company reported $1.85 EPS for the quarter, topping the consensus estimate of $0.33 by $1.52. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. The firm had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $6.98 billion. Research analysts expect that Global Partners LP will post 4.71 EPS for the current fiscal year.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 11th were issued a $0.765 dividend. This is a boost from Global Partners's previous quarterly dividend of $0.76. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.06 dividend on an annualized basis and a dividend yield of 6.2%. Global Partners's payout ratio is presently 85.00%.

Global Partners Company Profile

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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