Global Partners LP (NYSE:GLP) Increases Dividend to $0.76 Per Share

Global Partners LP (NYSE:GLP) declared a quarterly dividend on Friday, January 30th. Investors of record on Monday, February 9th will be given a dividend of 0.76 per share by the energy company on Friday, February 13th. This represents a c) annualized dividend and a yield of 6.5%. The ex-dividend date of this dividend is Monday, February 9th. This is a 0.7% increase from Global Partners’s previous quarterly dividend of $0.76.

Global Partners has raised its dividend by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 5 years. Global Partners has a dividend payout ratio of 99.7% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Global Partners to earn $2.51 per share next year, which means the company may not be able to cover its $3.02 annual dividend with an expected future payout ratio of 120.3%.

Global Partners Stock Performance

GLP stock traded down $1.03 during mid-day trading on Friday, hitting $46.82. The company had a trading volume of 35,354 shares, compared to its average volume of 40,168. The firm has a market cap of $1.59 billion, a PE ratio of 22.40 and a beta of 0.95. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.70 and a current ratio of 1.21. Global Partners has a 12 month low of $39.58 and a 12 month high of $60.00. The stock’s fifty day moving average price is $43.55 and its two-hundred day moving average price is $46.85.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Friday, November 7th. The energy company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.43). Global Partners had a return on equity of 15.54% and a net margin of 0.53%.The company had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $7.21 billion. On average, analysts forecast that Global Partners will post 2.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Global Partners from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Global Partners in a report on Monday, December 29th. Stifel Nicolaus dropped their price objective on shares of Global Partners from $53.00 to $45.00 and set a “hold” rating for the company in a report on Tuesday, November 11th. Finally, Zacks Research raised Global Partners from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 6th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $45.00.

Global Partners Company Profile

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.