BlackRock Inc. Invests $4.79 Million in Global Partners LP $GLP

Key Points

• BlackRock acquired 661,528 shares of Global Partners in the second quarter, worth approximately $4.79 million and representing a 1.95% stake. Institutional investors collectively own 38.12% of the company.
• Global Partners reported quarterly EPS of $1.86, beating estimates of $1.24, although revenue of $6.79 billion fell short of the $7.51 billion forecast. Analysts’ consensus rating remains “Hold,” with a $46 target price.
• The company increased its quarterly dividend to $0.78 per share, or $3.12 annualized, implying a 6.0% yield and a 63.54% payout ratio.

BlackRock Inc. purchased a new stake 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. The fund purchased 661,528 shares of the energy company's stock, valued at approximately $4,789,000. BlackRock Inc. owned 1.95% of Global Partners as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Jane Street Group LLC purchased a new stake in Global Partners during the first quarter valued at approximately $862,000. Bank of America Corp DE grew its position in shares of Global Partners by 0.9% during the 2nd quarter. Bank of America Corp DE now owns 137,822 shares of the energy company's stock valued at $7,267,000 after acquiring an additional 1,227 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Global Partners by 89.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company's stock valued at $224,000 after acquiring an additional 2,000 shares during the period. PNC Financial Services Group Inc. purchased a new stake in shares of Global Partners in the 3rd quarter worth $48,000. Finally, BNP Paribas Financial Markets increased its stake in shares of Global Partners by 15.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,073 shares of the energy company's stock worth $1,012,000 after purchasing an additional 2,877 shares in the last quarter. Institutional investors own 38.12% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of Global Partners in a research report on Friday, August 21st. Wall Street Zen upgraded Global Partners from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Finally, Zacks Research downgraded Global Partners from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $46.00.

Global Partners Stock Down 0.2%

GLP opened at $52.37 on Friday. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of 10.66 and a beta of 1.06. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.71 and a current ratio of 1.19. The firm's fifty day moving average is $49.37 and its 200 day moving average is $47.92. Global Partners LP has a fifty-two week low of $39.58 and a fifty-two week high of $53.15.

Global Partners (NYSE:GLP - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.24 by $0.62. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $7.51 billion. Global Partners had a return on equity of 30.87% and a net margin of 0.91%. On average, sell-side 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 disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 10th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.0%. This is a positive change from Global Partners's previous quarterly dividend of $0.77. The ex-dividend date of this dividend was Monday, August 10th. Global Partners's dividend payout ratio is currently 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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