Stifel Nicolaus Forecasts Strong Price Appreciation for Global Partners (NYSE:GLP) Stock

Global Partners (NYSE:GLP) had its price target raised by Stifel Nicolaus from $51.00 to $54.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

Global Partners Trading Down 0.2 %

Shares of GLP opened at $49.52 on Tuesday. The stock has a market capitalization of $1.68 billion, a PE ratio of 14.96 and a beta of 1.38. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.62 and a current ratio of 1.14. The company’s fifty day moving average is $46.25 and its 200 day moving average is $44.76. Global Partners has a fifty-two week low of $32.51 and a fifty-two week high of $50.85.

Global Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 8th were issued a dividend of $0.73 per share. The ex-dividend date was Friday, November 8th. This represents a $2.92 dividend on an annualized basis and a yield of 5.90%. This is a positive change from Global Partners’s previous quarterly dividend of $0.72. Global Partners’s dividend payout ratio is currently 88.22%.

Insider Buying and Selling

In other news, insider Global Gp Llc bought 2,400 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were acquired at an average price of $41.88 per share, for a total transaction of $100,512.00. Following the completion of the transaction, the insider now directly owns 196,681 shares in the company, valued at $8,237,000.28. The trade was a 1.24 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have acquired a total of 41,926 shares of company stock worth $1,820,352 in the last ninety days. 41.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Global Partners

A number of hedge funds have recently made changes to their positions in GLP. International Assets Investment Management LLC purchased a new stake in Global Partners during the second quarter worth approximately $41,000. Capital Performance Advisors LLP purchased a new stake in shares of Global Partners in the 3rd quarter worth about $93,000. Spinnaker Trust purchased a new stake in shares of Global Partners in the second quarter valued at $203,000. Albert D Mason Inc. grew its stake in Global Partners by 6.6% in the 2nd quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock worth $222,000 after acquiring an additional 300 shares during the period. Finally, Stratos Wealth Advisors LLC purchased a new position in shares of Global Partners during the 3rd quarter worth about $225,000. Hedge funds and other institutional investors 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.