Global Partners LP (NYSE:GLP) Raises Dividend to $0.75 Per Share

Key Points

• Global Partners LP has announced a quarterly dividend of $0.75 per share, marking a 0.7% increase from the previous quarter, with a yield of 5.75%.
• The company's dividend payout ratio is currently 98.3%, but it is projected to exceed earnings next year, leading to concerns about future sustainability.
• Global Partners reported $0.36 earnings per share for the last quarter, outperforming estimates, but noted revenue was below expectations at $4.59 billion.
• Insider trading activity includes COO Mark Romaine selling 7,119 shares, reducing his ownership by 4.52%, while hedge funds now own over 38% of the company's stock.

Global Partners LP (NYSE:GLP - Get Free Report) declared a quarterly dividend on Friday, July 25th, RTT News reports. Stockholders of record on Friday, August 8th will be paid a dividend of 0.75 per share by the energy company on Thursday, August 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.76%. The ex-dividend date of this dividend is Friday, August 8th. This is a 0.7% increase from Global Partners's previous quarterly dividend of $0.75.

Global Partners has a dividend payout ratio of 98.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Equities research analysts expect Global Partners to earn $2.51 per share next year, which means the company may not be able to cover its $2.98 annual dividend with an expected future payout ratio of 118.7%.

Global Partners Trading Up 0.9%

Shares of NYSE:GLP traded up $0.47 during midday trading on Tuesday, reaching $52.09. The company's stock had a trading volume of 7,433 shares, compared to its average volume of 67,718. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 16.54 and a beta of 1.03. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.68 and a current ratio of 1.17. The firm has a 50 day moving average price of $52.60 and a two-hundred day moving average price of $52.81. Global Partners has a fifty-two week low of $37.00 and a fifty-two week high of $60.00.

Global Partners (NYSE:GLP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The energy company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.39. The firm had revenue of $4.59 billion during the quarter, compared to analysts' expectations of $5.64 billion. Global Partners had a return on equity of 21.10% and a net margin of 0.76%. As a group, analysts forecast that Global Partners will post 2.13 earnings per share for the current year.

Insider Activity at Global Partners

In other news, COO Mark Romaine sold 1,881 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $51.68, for a total transaction of $97,210.08. Following the completion of the sale, the chief operating officer owned 148,531 shares in the company, valued at $7,676,082.08. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 18,000 shares of company stock worth $944,221 in the last ninety days. Insiders own 41.50% of the company's stock.

Institutional Trading of Global Partners

An institutional investor recently bought a new position in Global Partners stock. Jane Street Group LLC acquired a new position in Global Partners LP (NYSE:GLP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,155 shares of the energy company's stock, valued at approximately $862,000. Institutional investors own 38.12% of the company's stock.

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.