Exchange Traded Concepts LLC Trims Position in Global Partners LP (NYSE:GLP)

Exchange Traded Concepts LLC decreased its position in shares of Global Partners LP (NYSE:GLP) by 0.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 30,676 shares of the energy company’s stock after selling 214 shares during the period. Exchange Traded Concepts LLC owned 0.09% of Global Partners worth $1,637,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. US Bancorp DE increased its position in Global Partners by 54.1% during the fourth quarter. US Bancorp DE now owns 1,425 shares of the energy company’s stock worth $66,000 after purchasing an additional 500 shares during the last quarter. Silverberg Bernstein Capital Management LLC acquired a new position in Global Partners during the first quarter worth approximately $222,000. Virtu Financial LLC acquired a new position in Global Partners during the fourth quarter worth approximately $288,000. XTX Topco Ltd acquired a new position in Global Partners during the fourth quarter worth approximately $302,000. Finally, Marcum Wealth LLC acquired a new position in Global Partners during the first quarter worth approximately $356,000. Hedge funds and other institutional investors own 38.12% of the company’s stock.

Insider Transactions at Global Partners

In other news, COO Mark Romaine sold 2,195 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $54.06, for a total value of $118,661.70. Following the completion of the sale, the chief operating officer now owns 156,198 shares of the company’s stock, valued at $8,444,063.88. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 41.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus lowered shares of Global Partners from a “buy” rating to a “hold” rating and upped their price target for the stock from $54.00 to $56.00 in a research report on Tuesday, March 4th.

Global Partners Stock Performance

Shares of GLP stock opened at $54.59 on Thursday. Global Partners LP has a one year low of $37.00 and a one year high of $60.00. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.68 and a current ratio of 1.17. The company has a 50 day moving average price of $51.29 and a 200 day moving average price of $52.36. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 17.33 and a beta of 1.05.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Thursday, May 8th. The energy company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.39. Global Partners had a net margin of 0.76% and a return on equity of 21.10%. The company had revenue of $4.59 billion during the quarter, compared to analyst estimates of $5.64 billion. Sell-side analysts anticipate that Global Partners LP will post 2.13 EPS for the current year.

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Friday, May 9th were given a $0.745 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.98 annualized dividend and a dividend yield of 5.46%. This is a positive change from Global Partners’s previous quarterly dividend of $0.74. Global Partners’s dividend payout ratio is presently 94.60%.

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.