Heartland Advisors Inc. Purchases New Stake in Global Partners LP $GLP

Key Points

• Heartland Advisors acquired 407,741 shares of Global Partners during the second quarter, worth approximately $2.95 million and representing about 1.20% of the company. Institutional investors collectively own 38.12% of GLP.
• Global Partners reported quarterly EPS of $1.86, exceeding the $1.24 consensus estimate, although revenue of $6.79 billion fell short of expectations. Analysts’ average rating remains “Hold,” with a $46 price target.
• The company increased its quarterly dividend to $0.78 per share, equating to a $3.12 annualized payout and a 6.2% yield. GLP shares opened at $50.28, near the upper end of their 52-week range.

Heartland Advisors Inc. purchased a new stake in shares of Global Partners LP (NYSE:GLP - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 407,741 shares of the energy company's stock, valued at approximately $2,952,000. Heartland Advisors Inc. owned approximately 1.20% of Global Partners as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several brokerages recently commented on GLP. Zacks Research downgraded Global Partners from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Weiss Ratings raised shares of Global Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen upgraded shares of 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 assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $46.00.

Global Partners Trading Down 0.6%

Shares of GLP opened at $50.28 on Friday. Global Partners LP has a one year low of $39.58 and a one year high of $53.25. The stock has a 50-day moving average price of $48.01 and a 200 day moving average price of $47.67. 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 company has a market capitalization of $1.71 billion, a P/E ratio of 10.24 and a beta of 1.01.

Global Partners (NYSE:GLP - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The energy company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.62. The company had revenue of $6.79 billion for 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%. Sell-side analysts forecast that Global Partners LP will post 5.87 EPS for the current fiscal year.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 10th were issued a $0.78 dividend. This is a boost from Global Partners's previous quarterly dividend of $0.77. This represents a $3.12 annualized dividend and a yield of 6.2%. The ex-dividend date of this dividend was Monday, August 10th. Global Partners's dividend 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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