Lee Financial Co Acquires New Position in Global Partners LP $GLP

Lee Financial Co bought a new position in Global Partners LP (NYSE:GLP) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 18,800 shares of the energy company’s stock, valued at approximately $902,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. First Horizon Corp bought a new stake in shares of Global Partners in the 3rd quarter worth approximately $120,000. Traub Capital Management LLC purchased a new position in Global Partners in the 2nd quarter worth $192,000. Geneos Wealth Management Inc. lifted its stake in Global Partners by 89.1% in the second quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company’s stock worth $224,000 after purchasing an additional 2,000 shares during the last quarter. MGO One Seven LLC bought a new stake in Global Partners in the second quarter worth $227,000. Finally, Beacon Investment Advisory Services Inc. purchased a new stake in Global Partners during the third quarter valued at about $350,000. 38.12% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Zacks Research upgraded Global Partners from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Global Partners in a research note on Monday, December 29th. Stifel Nicolaus dropped their price objective on Global Partners from $53.00 to $45.00 and set a “hold” rating for the company in a research note on Tuesday, November 11th. Finally, Wall Street Zen cut shares of Global Partners from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $45.00.

Global Partners Trading Down 2.1%

GLP opened at $46.82 on Friday. Global Partners LP has a one year low of $39.58 and a one year high of $60.00. The company has a debt-to-equity ratio of 2.75, a current ratio of 1.21 and a quick ratio of 0.70. The business has a 50 day simple moving average of $43.64 and a two-hundred day simple moving average of $46.78. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 22.40 and a beta of 0.95.

Global Partners (NYSE:GLP) last issued its quarterly earnings data on Friday, November 7th. The energy company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.43). Global Partners had a return on equity of 15.54% and a net margin of 0.53%.The business had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $7.21 billion. Analysts predict that Global Partners LP will post 2.13 EPS for the current year.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Monday, February 9th will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 6.5%. This is an increase from Global Partners’s previous quarterly dividend of $0.76. The ex-dividend date is Monday, February 9th. Global Partners’s dividend payout ratio (DPR) is presently 144.50%.

About Global Partners

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.