Farther Finance Advisors LLC Purchases 17,258 Shares of Global Partners LP $GLP

Key Points

• Farther Finance Advisors LLC significantly increased its stake in Global Partners LP by 28,291.8%, acquiring 17,258 additional shares during the 2nd quarter, bringing its total ownership to 17,319 shares valued at approximately $913,000.
• Global Partners LP was rated as a "strong-buy" by Zacks Research, and it has a current consensus rating of "Buy" with an average price target of $56.00.
• The company reported a missed earnings expectation, with EPS of $0.55 against a forecast of $0.60, and had quarterly revenue of $4.63 billion, below the anticipated $5.98 billion.

Farther Finance Advisors LLC increased its position in Global Partners LP (NYSE:GLP - Free Report) by 28,291.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,319 shares of the energy company's stock after purchasing an additional 17,258 shares during the quarter. Farther Finance Advisors LLC owned approximately 0.05% of Global Partners worth $913,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Alps Advisors Inc. grew its stake in Global Partners by 12.8% in the first quarter. Alps Advisors Inc. now owns 5,584,745 shares of the energy company's stock worth $298,114,000 after purchasing an additional 635,126 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in Global Partners during the 2nd quarter valued at $178,723,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Global Partners by 14.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,849,454 shares of the energy company's stock valued at $98,724,000 after acquiring an additional 240,342 shares in the last quarter. Pallas Capital Advisors LLC boosted its position in Global Partners by 1.6% during the 2nd quarter. Pallas Capital Advisors LLC now owns 1,627,973 shares of the energy company's stock valued at $85,843,000 after acquiring an additional 26,069 shares in the last quarter. Finally, NBW Capital LLC boosted its position in Global Partners by 50.5% during the 1st quarter. NBW Capital LLC now owns 78,613 shares of the energy company's stock valued at $4,196,000 after acquiring an additional 26,388 shares in the last quarter. Institutional investors own 38.12% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Global Partners to a "strong-buy" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Global Partners currently has a consensus rating of "Buy" and an average price target of $56.00.

Global Partners Stock Performance

Shares of GLP opened at $50.56 on Thursday. Global Partners LP has a 12 month low of $43.20 and a 12 month high of $60.00. The stock has a fifty day moving average price of $51.33 and a 200-day moving average price of $51.71. The company has a current ratio of 1.18, a quick ratio of 0.70 and a debt-to-equity ratio of 2.74. The firm has a market cap of $1.72 billion, a PE ratio of 19.44 and a beta of 0.96.

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

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 8th were issued 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 5.9%. This is a boost from Global Partners's previous quarterly dividend of $0.75. Global Partners's dividend payout ratio (DPR) is currently 115.38%.

Insider Activity at Global Partners

In other 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 transaction of $462,960.00. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders sold 27,000 shares of company stock worth $1,378,652. Corporate insiders own 41.50% of the company's stock.

Global Partners Company Profile

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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