Global Partners (NYSE:GLP) Shares Gap Down - Here's What Happened

Key Points

• Global Partners shares gapped down: They opened at $42.17, down from the previous close of $45.01, and last traded at $42.2320.
• Quarterly results missed expectations: The company reported EPS of $1.26 versus $1.61 expected, and revenue of $6.68 billion versus $7.41 billion expected.
• The quarterly dividend increased from $0.78 to $0.785 per share, equivalent to an annualized $3.14 and a 7.5% yield. Analysts’ average rating is Hold, with a $46 consensus price target.

Global Partners LP (NYSE:GLP - Get Free Report)'s stock price gapped down prior to trading on Tuesday. The stock had previously closed at $45.01, but opened at $42.17. Global Partners shares last traded at $42.2320, with a volume of 5,221 shares.

Wall Street Analyst Weigh In

GLP has been the topic of several analyst reports. Weiss Ratings raised Global Partners from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, September 28th. Wall Street Zen cut Global Partners from a "strong-buy" rating to a "buy" rating in a research note on Saturday. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Global Partners presently has an average rating of "Hold" and a consensus price target of $46.00.

Global Partners Stock Up 1.2%

The stock's fifty day moving average price is $48.69 and its 200-day moving average price is $47.95. The company has a quick ratio of 0.71, a current ratio of 1.19 and a debt-to-equity ratio of 2.44. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 7.62 and a beta of 1.10.

Global Partners (NYSE:GLP - Get Free Report) last released its earnings results on Friday, November 6th. The energy company reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.35). The company had revenue of $6.68 billion for the quarter, compared to the consensus estimate of $7.41 billion. Global Partners had a return on equity of 30.87% and a net margin of 0.91%. On average, sell-side analysts predict that Global Partners LP will post 6.02 earnings per share for the current fiscal year.

Global Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Monday, November 9th will be paid a $0.7850 dividend. This is an increase from Global Partners's previous quarterly dividend of $0.78. The ex-dividend date is Monday, November 9th. This represents a $3.14 annualized dividend and a yield of 7.5%. Global Partners's dividend payout ratio (DPR) is 56.62%.

Hedge Funds Weigh In On Global Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE acquired a new position in shares of Global Partners in the second quarter valued at approximately $264,000. BlackRock Inc. bought a new stake in shares of Global Partners during the 2nd quarter valued at $4,789,000. Perigon Wealth Management LLC acquired a new stake in Global Partners during the second quarter worth about $165,000. Waverly Advisors LLC boosted its position in shares of Global Partners by 42.9% during the 2nd quarter. Waverly Advisors LLC now owns 82,816 shares of the energy company's stock worth $3,858,000 after acquiring an additional 24,868 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Global Partners in the 2nd quarter valued at $379,000. 38.12% of the stock is owned by institutional investors.

Global Partners Company Profile

Global Partners LP is an energy company that purchases, stores, transports and markets petroleum products and renewable fuels. Its products include gasoline, diesel and other distillates, residual fuel oil, and biofuels.

The company operates an integrated network of fuel terminals, storage facilities and transportation assets, including pipelines and marine and truck transport capabilities. It also owns and operates gas stations and convenience stores, primarily in the northeastern United States.

Global Partners traces its roots to a fuel business established in 1933 and is headquartered in Waltham, Massachusetts.

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