Global Partners LP $GLP Shares Sold by Royal Bank of Canada

Royal Bank of Canada lowered its position in Global Partners LP (NYSE:GLP) by 20.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 177,162 shares of the energy company’s stock after selling 45,780 shares during the period. Royal Bank of Canada owned approximately 0.52% of Global Partners worth $7,459,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Infrastructure Capital Advisors LLC lifted its stake in Global Partners by 2.3% during the 1st quarter. Infrastructure Capital Advisors LLC now owns 110,208 shares of the energy company’s stock valued at $4,640,000 after acquiring an additional 2,527 shares during the period. Cetera Investment Advisers raised its holdings in shares of Global Partners by 2.5% during the first quarter. Cetera Investment Advisers now owns 54,743 shares of the energy company’s stock worth $2,305,000 after purchasing an additional 1,337 shares during the last quarter. First Trust Advisors LP lifted its position in Global Partners by 0.8% during the first quarter. First Trust Advisors LP now owns 55,496 shares of the energy company’s stock valued at $2,336,000 after purchasing an additional 463 shares during the period. Kestra Advisory Services LLC lifted its position in Global Partners by 46.9% during the first quarter. Kestra Advisory Services LLC now owns 8,147 shares of the energy company’s stock valued at $343,000 after purchasing an additional 2,602 shares during the period. Finally, Spinnaker Trust boosted its holdings in Global Partners by 6.1% in the first quarter. Spinnaker Trust now owns 12,146 shares of the energy company’s stock valued at $511,000 after purchasing an additional 700 shares during the last quarter. Institutional investors and hedge funds own 38.12% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GLP. Zacks Research lowered Global Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Wall Street Zen downgraded Global Partners from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings raised Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $46.00.

Global Partners Price Performance

Shares of NYSE GLP opened at $49.62 on Tuesday. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.64 and a current ratio of 1.12. The firm has a fifty day moving average of $47.73 and a 200 day moving average of $47.38. The firm has a market cap of $1.69 billion, a PE ratio of 10.11 and a beta of 1.01. Global Partners LP has a one year low of $39.58 and a one year high of $53.25.

Global Partners (NYSE:GLP) last announced its earnings results on Friday, August 7th. The energy company reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.62. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $7.51 billion. Global Partners had a net margin of 0.91% and a return on equity of 31.60%. As a group, research analysts predict that Global Partners LP will post 4.71 EPS for the current fiscal year.

Global Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 10th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 6.3%. The ex-dividend date is Monday, August 10th. This is a positive change from Global Partners’s previous quarterly dividend of $0.77. Global Partners’s payout ratio is presently 62.32%.

Global Partners 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.