Global Partners (NYSE:GLP) COO Sells $453,420.00 in Stock

Key Points

• Mark Romaine, COO of Global Partners LP, sold 9,000 shares at an average price of $50.38, totaling $453,420, reducing his position by 6.06%.
• Global Partners LP's recent earnings report showed a missed estimate with earnings per share at $0.55, below the expected $0.60, and a revenue of $4.63 billion.
• The company increased its quarterly dividend to $0.75 per share, with a yield of 5.9%, while the dividend payout ratio is currently at 115.38%.

Global Partners LP (NYSE:GLP - Get Free Report) COO Mark Romaine sold 9,000 shares of Global Partners stock in a transaction on Friday, August 15th. The shares were sold at an average price of $50.38, for a total transaction of $453,420.00. Following the completion of the transaction, the chief operating officer directly owned 139,531 shares of the company's stock, valued at $7,029,571.78. The trade was a 6.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Mark Romaine also recently made the following trade(s):

• On Wednesday, July 16th, Mark Romaine sold 1,881 shares of Global Partners stock. The shares were sold at an average price of $51.68, for a total transaction of $97,210.08.
• On Tuesday, July 15th, Mark Romaine sold 7,119 shares of Global Partners stock. The shares were sold at an average price of $51.28, for a total transaction of $365,062.32.
• On Tuesday, June 24th, Mark Romaine sold 6,659 shares of Global Partners stock. The stock was sold at an average price of $54.26, for a total transaction of $361,317.34.
• On Wednesday, June 25th, Mark Romaine sold 2,341 shares of Global Partners stock. The shares were sold at an average price of $51.53, for a total transaction of $120,631.73.

Global Partners Price Performance

GLP stock traded down $0.1350 during trading on Friday, hitting $50.8950. The stock had a trading volume of 36,103 shares, compared to its average volume of 43,556. Global Partners LP has a twelve month low of $40.66 and a twelve month high of $60.00. The company's 50-day moving average price is $51.91 and its two-hundred day moving average price is $52.57. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.18 and a quick ratio of 0.70. The stock has a market capitalization of $1.73 billion, a P/E ratio of 19.58 and a beta of 1.02.

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

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 8th were paid a dividend of $0.75 per share. This is an increase from Global Partners's previous quarterly dividend of $0.75. The ex-dividend date was Friday, August 8th. This represents a $3.00 annualized dividend and a yield of 5.9%. Global Partners's dividend payout ratio (DPR) is presently 115.38%.

Analysts Set New Price Targets

Separately, Zacks Research upgraded Global Partners to a "strong-buy" rating in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $56.00.

Hedge Funds Weigh In On Global Partners

A number of institutional investors and hedge funds have recently bought and sold shares of GLP. Geneos Wealth Management Inc. boosted its holdings in Global Partners by 89.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company's stock valued at $224,000 after purchasing an additional 2,000 shares during the last quarter. Bank of America Corp DE boosted its holdings in Global Partners by 0.9% in the 2nd quarter. Bank of America Corp DE now owns 137,822 shares of the energy company's stock valued at $7,267,000 after purchasing an additional 1,227 shares during the last quarter. NBW Capital LLC boosted its holdings in Global Partners by 1.5% in the 2nd quarter. NBW Capital LLC now owns 79,794 shares of the energy company's stock valued at $4,208,000 after purchasing an additional 1,181 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Global Partners by 37.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 333,973 shares of the energy company's stock valued at $17,610,000 after purchasing an additional 90,169 shares during the last quarter. Finally, Traub Capital Management LLC acquired a new position in Global Partners in the 2nd quarter valued at about $192,000. 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.