Global Partners (NYSE:GLP) Reaches New 52-Week Low - What's Next?

Shares of Global Partners LP (NYSE:GLP - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $49.86 and last traded at $51.29, with a volume of 40795 shares changing hands. The stock had previously closed at $51.69.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus cut Global Partners from a "buy" rating to a "hold" rating and upped their price objective for the stock from $54.00 to $56.00 in a research report on Tuesday, March 4th.

Global Partners Trading Down 0.8 %

The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 15.23 and a beta of 1.02. The business has a 50-day moving average of $52.28 and a 200-day moving average of $51.89. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.64 and a current ratio of 1.14.

Global Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Friday, May 9th will be paid a dividend of $0.745 per share. The ex-dividend date of this dividend is Friday, May 9th. This is an increase from Global Partners's previous quarterly dividend of $0.74. This represents a $2.98 annualized dividend and a yield of 5.91%. Global Partners's dividend payout ratio is currently 123.14%.

Insider Activity

In other Global Partners news, COO Mark Romaine sold 2,195 shares of the business's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $54.06, for a total value of $118,661.70. Following the transaction, the chief operating officer now directly owns 156,198 shares of the company's stock, valued at approximately $8,444,063.88. The trade was a 1.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 41.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. US Bancorp DE raised its stake in shares of Global Partners by 54.1% during the 4th quarter. US Bancorp DE now owns 1,425 shares of the energy company's stock worth $66,000 after buying an additional 500 shares in the last quarter. Silverberg Bernstein Capital Management LLC purchased a new stake in shares of Global Partners during the 1st quarter worth $222,000. Albert D Mason Inc. increased its holdings in shares of Global Partners by 11.8% in the 4th quarter. Albert D Mason Inc. now owns 5,440 shares of the energy company's stock valued at $253,000 after purchasing an additional 575 shares in the last quarter. Virtu Financial LLC purchased a new stake in Global Partners during the fourth quarter worth about $288,000. Finally, XTX Topco Ltd purchased a new position in Global Partners in the fourth quarter valued at about $302,000. 38.12% of the stock is currently owned by institutional investors and hedge funds.

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.