Global Partners (NYSE:GLP) Share Price Passes Above 200-Day Moving Average – Here’s Why

Shares of Global Partners LP (NYSE:GLP) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $46.07 and traded as high as $47.75. Global Partners shares last traded at $46.70, with a volume of 34,963 shares trading hands.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus lifted their price target on Global Partners from $51.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, November 12th.

Global Partners Stock Down 2.2 %

The business has a 50 day simple moving average of $50.44 and a 200 day simple moving average of $46.07. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.14 and a quick ratio of 0.64. The stock has a market cap of $1.59 billion, a PE ratio of 14.11 and a beta of 1.47.

Global Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 8th were paid a $0.73 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.92 dividend on an annualized basis and a yield of 6.25%. This is an increase from Global Partners’s previous quarterly dividend of $0.72. Global Partners’s payout ratio is 88.22%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Infrastructure Capital Advisors LLC lifted its position in shares of Global Partners by 57.7% in the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after buying an additional 51,630 shares during the last quarter. Stifel Financial Corp lifted its position in shares of Global Partners by 7.3% in the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock worth $1,478,000 after buying an additional 2,166 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Global Partners by 2.2% in the third quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after buying an additional 725 shares during the last quarter. Fiducient Advisors LLC acquired a new stake in shares of Global Partners in the third quarter worth about $474,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Global Partners in the third quarter worth about $93,000. Hedge funds and other institutional investors own 38.12% of the company’s stock.

Global Partners Company Profile

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.