Global Partners (NYSE:GLP) Stock Price Down 2.6% – Time to Sell?

Global Partners LP (NYSE:GLP)’s share price traded down 2.6% during trading on Thursday . The company traded as low as $48.07 and last traded at $48.09. 9,216 shares were traded during mid-day trading, a decline of 91% from the average session volume of 97,111 shares. The stock had previously closed at $49.38.

Analyst Upgrades and Downgrades

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

Global Partners Stock Performance

The stock has a market capitalization of $1.63 billion, a P/E ratio of 14.50 and a beta of 1.43. The company’s fifty day simple moving average is $50.36 and its 200 day simple moving average is $46.07. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 2.41.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 8th were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 6.08%. This is a boost from Global Partners’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Friday, November 8th. Global Partners’s payout ratio is presently 88.22%.

Institutional Trading of Global Partners

Several institutional investors and hedge funds have recently modified their holdings of the business. Exchange Traded Concepts LLC raised its position in shares of Global Partners by 2.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock valued at $1,548,000 after buying an additional 725 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Global Partners during the second quarter worth about $41,000. Capital Performance Advisors LLP bought a new stake in Global Partners during the third quarter worth about $93,000. Stifel Financial Corp boosted its holdings in shares of Global Partners by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock worth $1,478,000 after purchasing an additional 2,166 shares in the last quarter. Finally, Spinnaker Trust bought a new position in shares of Global Partners during the 2nd quarter valued at about $203,000. 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.