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

Global Partners LP (NYSE:GLP) announced a quarterly dividend on Thursday, January 30th,Wall Street Journal reports. Shareholders 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 dividend yield of 5.41%. The ex-dividend date is Monday, February 10th. This is a positive change from Global Partners’s previous quarterly dividend of $0.73.

Global Partners has raised its dividend payment by an average of 7.9% annually over the last three years.

Global Partners Stock Performance

Shares of NYSE GLP traded up $1.60 during midday trading on Thursday, hitting $54.70. The company’s stock had a trading volume of 129,142 shares, compared to its average volume of 74,111. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.64 and a current ratio of 1.14. Global Partners has a 1-year low of $37.00 and a 1-year high of $58.76. The firm’s fifty day moving average price is $51.02 and its 200-day moving average price is $46.65. The firm has a market cap of $1.86 billion, a P/E ratio of 16.52 and a beta of 1.47.

Global Partners (NYSE:GLP) last posted its earnings results on Friday, November 8th. The energy company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.40). The company had revenue of $4.42 billion for the quarter, compared to the consensus estimate 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 posted $0.60 earnings per share. On average, sell-side analysts forecast that Global Partners will post 2.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus raised their target price 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.