Global Partners LP $GLP Stake Raised by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors LLC increased its stake in Global Partners LP by 1.6%, owning approximately 1.6 million shares valued at $85.84 million, making it the firm's second-largest investment.
• Global Partners reported a quarterly EPS of $0.55, missing estimates of $0.60, with revenue of $4.63 billion, significantly lower than the expected $5.98 billion.
• The company declared a quarterly dividend of $0.75, representing a 5.9% yield, with a payout ratio of 115.38%, indicating a high level of return to shareholders despite recent performance challenges.

Pallas Capital Advisors LLC lifted its position in Global Partners LP (NYSE:GLP - Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,627,973 shares of the energy company's stock after buying an additional 26,069 shares during the period. Global Partners comprises 3.3% of Pallas Capital Advisors LLC's portfolio, making the stock its 2nd largest holding. Pallas Capital Advisors LLC owned about 4.79% of Global Partners worth $85,843,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. US Bancorp DE lifted its stake in shares of Global Partners by 42.9% in the first quarter. US Bancorp DE now owns 2,037 shares of the energy company's stock worth $109,000 after buying an additional 612 shares in the last quarter. Inspire Advisors LLC bought a new position in Global Partners during the first quarter valued at approximately $216,000. Silverberg Bernstein Capital Management LLC bought a new position in Global Partners during the first quarter valued at approximately $222,000. Marcum Wealth LLC bought a new position in Global Partners during the first quarter valued at approximately $356,000. Finally, HighTower Advisors LLC lifted its position in Global Partners by 22.3% during the first quarter. HighTower Advisors LLC now owns 15,144 shares of the energy company's stock valued at $808,000 after purchasing an additional 2,760 shares during the period. Institutional investors own 38.12% of the company's stock.

Analyst Upgrades and Downgrades

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

Global Partners Price Performance

Shares of GLP traded down $1.10 during mid-day trading on Friday, reaching $49.75. The stock had a trading volume of 237,991 shares, compared to its average volume of 79,435. The business has a fifty day moving average of $51.44 and a 200 day moving average of $51.79. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.70 and a current ratio of 1.18. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 19.13 and a beta of 0.96. Global Partners LP has a 12 month low of $43.20 and a 12 month high of $60.00.

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

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 8th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 6.0%. This is a boost from Global Partners's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Friday, August 8th. Global Partners's payout ratio is presently 115.38%.

Insider Activity at Global Partners

In other news, COO Mark Romaine sold 9,000 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $51.44, for a total value of $462,960.00. Following the transaction, the chief operating officer owned 130,531 shares of the company's stock, valued at approximately $6,714,514.64. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 36,000 shares of company stock valued at $1,860,601 over the last quarter. 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.