3,389,395 Shares in Global Partners LP $GLP Acquired by Kingstone Capital Partners Texas LLC

Key Points

• Kingstone Capital Partners Texas LLC invested approximately $178.72 million in Global Partners LP, acquiring 3,389,395 shares and holding a 9.97% stake as of the latest SEC filing.
• Global Partners recently announced a quarterly dividend of $0.75 per share, representing a 6.0% yield and an annualized payout of $3.00, which is an increase from the previous dividend.
• Zacks Research upgraded Global Partners to a "strong-buy" rating, contributing to a consensus rating of "Buy" with an average price target of $56.00.

Kingstone Capital Partners Texas LLC purchased a new stake in shares of Global Partners LP (NYSE:GLP - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 3,389,395 shares of the energy company's stock, valued at approximately $178,723,000. Kingstone Capital Partners Texas LLC owned about 9.97% of Global Partners as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Marcum Wealth LLC acquired a new stake in shares of Global Partners during the 1st quarter worth approximately $356,000. Silverberg Bernstein Capital Management LLC acquired a new stake in shares of Global Partners during the 1st quarter worth approximately $222,000. Pallas Capital Advisors LLC grew its holdings in shares of Global Partners by 8.1% during the 1st quarter. Pallas Capital Advisors LLC now owns 1,601,904 shares of the energy company's stock worth $85,510,000 after purchasing an additional 119,924 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Global Partners by 0.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 31,230 shares of the energy company's stock worth $1,667,000 after purchasing an additional 259 shares in the last quarter. Finally, Alps Advisors Inc. grew its holdings in shares of Global Partners by 12.8% during the 1st 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. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Global Partners Stock Down 0.2%

Shares of NYSE GLP traded down $0.10 during midday trading on Tuesday, reaching $49.18. The company's stock had a trading volume of 12,090 shares, compared to its average volume of 68,234. The company has a current ratio of 1.18, a quick ratio of 0.70 and a debt-to-equity ratio of 2.74. Global Partners LP has a fifty-two week low of $43.20 and a fifty-two week high of $60.00. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 18.92 and a beta of 0.96. The stock has a 50 day simple moving average of $51.39 and a 200-day simple moving average of $51.74.

Global Partners (NYSE:GLP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The energy company reported $0.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $5.98 billion. Equities research analysts predict that Global Partners LP will post 2.13 earnings per share for the current year.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 8th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend was Friday, August 8th. This is a boost from Global Partners's previous quarterly dividend of $0.75. Global Partners's payout ratio is presently 115.38%.

Insider Buying and Selling at Global Partners

In related news, COO Mark Romaine sold 9,000 shares of Global Partners stock in a transaction that occurred 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 directly owned 130,531 shares of the company's stock, valued at approximately $6,714,514.64. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 29,341 shares of company stock worth $1,499,284. 41.50% of the stock is currently owned by insiders.

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.