JPMorgan Chase & Co. Increases Stock Holdings in Global Partners LP $GLP

Key Points

• JPMorgan Chase & Co. increased its position in Global Partners by 16.6% in Q3 to 389,277 shares, representing roughly 1.14% of the company and valued at about $18.69 million.
• Company insiders have been net sellers — COO Mark Romaine sold 2,020 shares recently and insiders sold 24,063 shares in the last 90 days — yet insiders still own a substantial 41.5% of the stock.
• Global Partners missed quarterly estimates (EPS $0.54 vs. $0.60; revenue $4.65B vs. $6.94B) but raised its quarterly dividend to $0.76 (annual $3.04) for a 6.7% yield; the dividend payout ratio is an elevated 144% and analysts maintain a consensus Hold with a $46 target.

JPMorgan Chase & Co. raised its position in Global Partners LP (NYSE:GLP - Free Report) by 16.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 389,277 shares of the energy company's stock after acquiring an additional 55,304 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.14% of Global Partners worth $18,685,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. PNC Financial Services Group Inc. acquired a new position in shares of Global Partners in the third quarter worth $48,000. State of Wyoming increased its stake in shares of Global Partners by 110.2% during the third quarter. State of Wyoming now owns 2,304 shares of the energy company's stock worth $111,000 after buying an additional 1,208 shares during the period. First Horizon Corp acquired a new stake in Global Partners in the third quarter valued at approximately $120,000. Geneos Wealth Management Inc. lifted its stake in Global Partners by 89.1% in the second quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company's stock worth $224,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Spinnaker Trust grew its holdings in Global Partners by 6.6% during the 3rd quarter. Spinnaker Trust now owns 4,850 shares of the energy company's stock worth $233,000 after acquiring an additional 300 shares in the last quarter. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Global Partners news, COO Mark Romaine sold 2,020 shares of the firm's stock in a transaction on Friday, March 20th. The shares were sold at an average price of $48.19, for a total transaction of $97,343.80. Following the transaction, the chief operating officer directly owned 141,609 shares of the company's stock, valued at approximately $6,824,137.71. This trade represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 24,063 shares of company stock worth $1,146,471. 41.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GLP. Zacks Research raised shares of Global Partners from a "strong sell" rating to a "hold" rating in a research report on Tuesday, January 6th. Stifel Nicolaus increased their target price on Global Partners from $45.00 to $46.00 and gave the company a "hold" rating in a report on Monday, March 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Global Partners in a research note on Monday, December 29th. Finally, Wall Street Zen raised Global Partners from a "hold" rating to a "buy" rating in a report on Saturday, March 7th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Global Partners has a consensus rating of "Hold" and a consensus target price of $46.00.

Global Partners Price Performance

Shares of NYSE GLP opened at $45.16 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.63 and a debt-to-equity ratio of 2.74. Global Partners LP has a twelve month low of $39.58 and a twelve month high of $56.59. The stock has a 50 day moving average of $47.11 and a two-hundred day moving average of $45.78. The stock has a market cap of $1.54 billion, a P/E ratio of 21.40 and a beta of 1.00.

Global Partners (NYSE:GLP - Get Free Report) last announced its earnings results on Friday, February 27th. The energy company reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.06). The business had revenue of $4.65 billion for the quarter, compared to analysts' expectations of $6.94 billion. Global Partners had a return on equity of 15.99% and a net margin of 0.53%. On average, research analysts forecast that Global Partners LP will post 2.13 earnings per share for the current year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 9th were paid a dividend of $0.76 per share. The ex-dividend date was Monday, February 9th. This represents a $3.04 dividend on an annualized basis and a yield of 6.7%. This is an increase from Global Partners's previous quarterly dividend of $0.76. Global Partners's dividend payout ratio (DPR) is currently 144.08%.

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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