Global Partners (NYSE:GLP) Stock Falls 6.6% on Disappointing Earnings

Global Partners LP (NYSE:GLP) shares dropped 6.6% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $42.49 and last traded at $42.0470. 31,182 shares were traded during 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 company had revenue of $6.68 billion for the quarter, compared to the consensus estimate of $7.41 billion.

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Monday, November 9th will be given a dividend of $0.7850 per share. The ex-dividend date is Monday, November 9th. This is a positive change from Global Partners’s previous quarterly dividend of $0.78. This represents a $3.14 dividend on an annualized basis and a dividend yield of 7.5%. Global Partners’s dividend payout ratio (DPR) is currently 56.99%.

Analysts Set New Price Targets

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

Institutional Trading of Global Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLP. First Trust Advisors LP raised its holdings in Global Partners by 0.8% during the 1st quarter. First Trust Advisors LP now owns 55,496 shares of the energy company’s stock worth $2,336,000 after purchasing an additional 463 shares during the last quarter. Arrow Investment Advisors LLC lifted 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 valued at $253,000 after purchasing an additional 1,055 shares during the period. Cetera Investment Advisers boosted its stake in shares of Global Partners by 2.5% in the 1st quarter. Cetera Investment Advisers now owns 54,743 shares of the energy company’s stock valued at $2,305,000 after purchasing an additional 1,337 shares during the last quarter. Compass Wealth Management LLC bought a new position in shares of Global Partners in the 3rd quarter valued at about $93,000. Finally, Infrastructure Capital Advisors LLC boosted its stake in shares of Global Partners by 2.3% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 110,208 shares of the energy company’s stock valued at $4,640,000 after purchasing an additional 2,527 shares during the last quarter. 38.12% of the stock is currently owned by institutional investors and hedge funds.

Global Partners Stock Performance

The firm’s 50-day moving average price is $48.87 and its 200 day moving average price is $47.97. 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 company has a market cap of $1.43 billion, a price-to-earnings ratio of 7.65 and a beta of 1.10.

Global Partners Company Profile

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.