Global Partners LP $GLP Stake Lifted by Waverly Advisors LLC

Key Points

• Waverly Advisors increased its Global Partners stake by 42.9% in the second quarter, bringing its holdings to 82,816 shares valued at approximately $3.86 million. Institutional investors collectively own 38.12% of GLP.
• Global Partners reported quarterly earnings of $1.86 per share, exceeding the $1.24 analyst consensus, although revenue of $6.79 billion fell short of the $7.51 billion estimate.
• The company raised its quarterly dividend to $0.78 per share, or $3.12 annually, implying a 5.9% yield. Analysts’ consensus rating remains “Hold,” with a $46 price target compared with the stock’s $52.95 opening price.

Waverly Advisors LLC raised its stake in Global Partners LP (NYSE:GLP - Free Report) by 42.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 82,816 shares of the energy company's stock after buying an additional 24,868 shares during the quarter. Waverly Advisors LLC owned approximately 0.24% of Global Partners worth $3,858,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of GLP. McMillan Office Inc. acquired a new stake in shares of Global Partners in the 4th quarter worth about $29,000. Garton & Associates Financial Advisors LLC bought a new position in Global Partners in the 4th quarter worth about $29,000. International Assets Investment Management LLC bought a new stake in shares of Global Partners during the fourth quarter valued at approximately $41,000. PNC Financial Services Group Inc. acquired a new position in shares of Global Partners during the third quarter worth approximately $48,000. Finally, Smartleaf Asset Management LLC bought a new position in Global Partners in the 4th quarter worth approximately $85,000. Institutional investors own 38.12% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GLP shares. Weiss Ratings restated a "buy (b-)" rating on shares of Global Partners in a research report on Friday, August 21st. Wall Street Zen raised Global Partners from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Finally, Zacks Research cut shares of Global Partners from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Global Partners currently has an average rating of "Hold" and a consensus price target of $46.00.

Global Partners Price Performance

NYSE GLP opened at $52.95 on Friday. Global Partners LP has a 12 month low of $39.58 and a 12 month 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 $1.80 billion, a PE ratio of 10.79 and a beta of 1.06. The company's 50 day simple moving average is $49.97 and its 200 day simple moving average is $48.09.

Global Partners (NYSE:GLP - Get Free Report) last released its earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.24 by $0.62. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $7.51 billion. Global Partners had a return on equity of 30.87% and a net margin of 0.91%. As a group, equities research analysts forecast that Global Partners LP will post 5.87 EPS for the current fiscal year.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 10th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 5.9%. This is a positive change from Global Partners's previous quarterly dividend of $0.77. The ex-dividend date was Monday, August 10th. Global Partners's payout ratio is currently 63.54%.

About Global Partners

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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