Insider Selling: Global Partners (NYSE:GLP) COO Sells $453,420.00 in Stock

Global Partners LP (NYSE:GLP) COO Mark Romaine sold 9,000 shares of Global Partners stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $50.38, for a total value of $453,420.00. Following the completion of the transaction, the chief operating officer owned 139,531 shares of the company’s stock, valued at $7,029,571.78. The trade was a 6.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Mark Romaine also recently made the following trade(s):

• On Wednesday, July 16th, Mark Romaine sold 1,881 shares of Global Partners stock. The stock was sold at an average price of $51.68, for a total value of $97,210.08.
• On Tuesday, July 15th, Mark Romaine sold 7,119 shares of Global Partners stock. The stock was sold at an average price of $51.28, for a total value of $365,062.32.
• On Tuesday, June 24th, Mark Romaine sold 6,659 shares of Global Partners stock. The stock was sold at an average price of $54.26, for a total value of $361,317.34.
• On Wednesday, June 25th, Mark Romaine sold 2,341 shares of Global Partners stock. The stock was sold at an average price of $51.53, for a total value of $120,631.73.

Global Partners Price Performance

Shares of NYSE GLP opened at $50.53 on Thursday. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.70 and a current ratio of 1.18. Global Partners LP has a fifty-two week low of $40.66 and a fifty-two week high of $60.00. The firm has a market capitalization of $1.72 billion, a PE ratio of 19.43 and a beta of 1.02. The stock’s 50-day simple moving average is $52.09 and its 200-day simple moving average is $52.69.

Global Partners (NYSE:GLP) last issued its earnings results on Thursday, August 7th. The energy company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.05). Global Partners had a return on equity of 17.95% and a net margin of 0.64%.The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $5.98 billion. As a group, equities research analysts forecast that Global Partners LP will post 2.13 EPS for the current fiscal year.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 8th were given a dividend of $0.75 per share. This is a boost from Global Partners’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Friday, August 8th. This represents a $3.00 annualized dividend and a dividend yield of 5.9%. Global Partners’s dividend payout ratio is 115.38%.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Global Partners to a “strong-buy” rating in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Global Partners presently has an average rating of “Buy” and a consensus price target of $56.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GLP. US Bancorp DE increased its position in Global Partners by 42.9% during the first quarter. US Bancorp DE now owns 2,037 shares of the energy company’s stock worth $109,000 after buying an additional 612 shares during the period. Traub Capital Management LLC acquired a new position in Global Partners during the second quarter worth approximately $192,000. Inspire Advisors LLC acquired a new position in Global Partners during the first quarter worth approximately $216,000. Silverberg Bernstein Capital Management LLC acquired a new position in shares of Global Partners in the first quarter valued at approximately $222,000. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Global Partners by 89.1% in the second quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company’s stock valued at $224,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 38.12% of the company’s stock.

About Global Partners

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.