Global Partners LP (NYSE:GLP) to Issue Quarterly Dividend of $0.78

Global Partners LP (NYSE:GLP) announced a quarterly dividend on Wednesday, July 29th. Stockholders of record on Monday, August 10th will be paid a dividend of 0.78 per share by the energy company on Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date of this dividend is Monday, August 10th. This is a 2.0% increase from Global Partners’s previous quarterly dividend of $0.77.

Global Partners has increased 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 101.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Global Partners to earn $3.71 per share next year, which means the company should continue to be able to cover its $3.06 annual dividend with an expected future payout ratio of 82.5%.

Global Partners Stock Down 0.3%

Shares of NYSE GLP traded down $0.14 during trading hours on Wednesday, hitting $48.49. The company had a trading volume of 87,861 shares, compared to its average volume of 70,410. The stock has a market capitalization of $1.65 billion, a P/E ratio of 13.47 and a beta of 1.02. The company has a quick ratio of 0.64, a current ratio of 1.12 and a debt-to-equity ratio of 2.58. Global Partners has a 1-year low of $39.58 and a 1-year high of $53.25. The firm’s 50 day moving average is $47.70 and its 200-day moving average is $47.04.

Global Partners (NYSE:GLP) last issued its earnings results on Friday, May 8th. The energy company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $1.52. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $6.98 billion. On average, analysts expect that Global Partners will post 4.71 earnings per share for the current fiscal year.

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.