Global Partners (NYSE:GLP) Stock Price Down 6.6% After Earnings Miss

Key Points

• Global Partners shares fell 6.6% after quarterly earnings missed expectations: EPS was $1.26 versus $1.61 consensus, while revenue of $6.68 billion came in below the $7.41 billion estimate.
• The company raised its quarterly dividend to $0.785 per share, equivalent to $3.14 annually and a 7.5% yield.
• Analysts have an average “Hold” rating and a consensus price target of $46.00.

Global Partners LP (NYSE:GLP - Get Free Report)'s stock price dropped 6.6% during trading on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $42.49 and last traded at $42.0470. 31,182 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 69,713 shares. The stock had previously closed at $45.01.

The energy company reported $1.26 EPS for the quarter, missing analysts' consensus estimates of $1.61 by ($0.35). Global Partners had a return on equity of 34.17% and a net margin of 0.93%. The firm had revenue of $6.68 billion during the quarter, compared to the consensus estimate of $7.41 billion.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Monday, November 9th will be paid a dividend of $0.7850 per share. This is an increase from Global Partners's previous quarterly dividend of $0.78. This represents a $3.14 dividend on an annualized basis and a yield of 7.5%. The ex-dividend date is Monday, November 9th. Global Partners's dividend payout ratio is presently 56.99%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on GLP shares. Weiss Ratings upgraded shares of Global Partners from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, September 28th. Wall Street Zen lowered shares of Global Partners from a "strong-buy" rating to a "buy" rating in a research report on Saturday. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $46.00.

Institutional Trading of Global Partners

Several institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. boosted its holdings in shares of Global Partners by 3.4% in the 3rd quarter. Alps Advisors Inc. now owns 6,045,690 shares of the energy company's stock worth $279,915,000 after acquiring an additional 201,591 shares in the last quarter. Arrow Investment Advisors LLC grew its position in Global Partners by 23.9% during the 3rd quarter. Arrow Investment Advisors LLC now owns 5,465 shares of the energy company's stock worth $253,000 after acquiring an additional 1,055 shares during the last quarter. State of Wyoming increased its holdings in Global Partners by 230.4% during the 3rd quarter. State of Wyoming now owns 10,027 shares of the energy company's stock valued at $464,000 after purchasing an additional 6,992 shares in the last quarter. Soltis Investment Advisors LLC acquired a new stake in Global Partners during the 3rd quarter valued at $316,000. Finally, Leo Wealth LLC bought a new position in Global Partners in the 3rd quarter valued at $671,000. Institutional investors and hedge funds own 38.12% of the company's stock.

Global Partners Trading Down 6.6%

The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.71 and a current ratio of 1.19. The stock has a market cap of $1.43 billion, a P/E ratio of 7.65 and a beta of 1.10. The company has a 50-day simple moving average of $48.87 and a 200-day simple moving average of $47.97.

About Global Partners

Global Partners LP NYSE: GLP is an integrated energy company that owns, supplies, stores, transports and markets energy products. The company's activities include the wholesale distribution of gasoline, diesel, distillates, residual oil, renewable fuels and other petroleum products, as well as the terminaling and storage of these products.

Global Partners serves customers primarily across the northeastern and mid-Atlantic United States. Its wholesale operations supply gasoline stations, commercial and industrial users, utilities, distributors and other energy customers.

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