Global Partners LP (NYSE:GLP) Increases Dividend to $0.74 Per Share

Global Partners LP (NYSE:GLP) declared a quarterly dividend on Wednesday, January 29th,Wall Street Journal reports. Investors of record on Monday, February 10th will be paid a dividend of 0.74 per share by the energy company on Friday, February 14th. This represents a $2.96 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date of this dividend is Monday, February 10th. This is a positive change from Global Partners’s previous quarterly dividend of $0.73.

Global Partners has increased its dividend payment by an average of 7.9% per year over the last three years.

Global Partners Stock Up 3.0 %

Shares of NYSE:GLP traded up $1.60 during trading on Thursday, hitting $54.70. 753,366 shares of the company were exchanged, compared to its average volume of 109,035. The firm’s 50 day moving average price is $51.02 and its 200-day moving average price is $46.65. Global Partners has a 12-month low of $37.00 and a 12-month high of $58.76. 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 capitalization of $1.86 billion, a P/E ratio of 16.52 and a beta of 1.47.

Global Partners (NYSE:GLP) last announced its earnings results on Friday, November 8th. The energy company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.40). The firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $5.88 billion. Global Partners had a net margin of 0.82% and a return on equity of 22.07%. During the same period last year, the company earned $0.60 earnings per share. On average, research analysts predict that Global Partners will post 2.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Stifel Nicolaus upped 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.

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.