Bard Associates Inc. Purchases New Holdings in Global Partners LP $GLP

Key Points

• Bard Associates acquired 129,332 shares of Global Partners LP in the second quarter, valued at approximately $936,000 and representing a 0.38% stake. Institutional investors and hedge funds collectively own 38.12% of the company.
• Analyst sentiment is mixed: Global Partners has a consensus “Hold” rating and a $46 target price, despite recent upgrades from Weiss Ratings and Wall Street Zen and a downgrade from Zacks Research.
• Global Partners reported quarterly EPS of $1.86, beating estimates by $0.62, while revenue came in below forecasts. The company raised its quarterly dividend to $0.78 per share, implying a 6.2% yield and $3.12 annualized payout.

Bard Associates Inc. acquired a new position in shares of Global Partners LP (NYSE:GLP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 129,332 shares of the energy company's stock, valued at approximately $936,000. Bard Associates Inc. owned 0.38% of Global Partners at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. McMillan Office Inc. bought a new stake in shares of Global Partners during the 4th quarter worth approximately $29,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Global Partners during the 4th quarter worth $29,000. International Assets Investment Management LLC bought a new stake in shares of Global Partners during the 4th quarter worth $41,000. PNC Financial Services Group Inc. acquired a new stake in Global Partners in the third quarter valued at about $48,000. Finally, Smartleaf Asset Management LLC bought a new stake in Global Partners during the 4th quarter worth $85,000. 38.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Global Partners Stock Performance

Shares of GLP opened at $50.28 on Friday. The company has a market cap of $1.71 billion, a PE ratio of 10.24 and a beta of 1.01. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 2.44. The stock has a 50-day moving average price of $48.01 and a 200-day moving average price of $47.67. Global Partners LP has a 12-month low of $39.58 and a 12-month high of $53.25.

Global Partners (NYSE:GLP - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The energy company reported $1.86 EPS for the quarter, topping analysts' consensus estimates of $1.24 by $0.62. Global Partners had a net margin of 0.91% and a return on equity of 30.87%. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $7.51 billion. As a group, equities analysts forecast 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. Shareholders of record on Monday, August 10th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 6.2%. This is a boost from Global Partners's previous quarterly dividend of $0.77. The ex-dividend date of this dividend was Monday, August 10th. Global Partners's payout ratio is 63.54%.

Global Partners 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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