Susquehanna Portfolio Strategies LLC Lowers Holdings in Global Partners LP (NYSE:GLP)

Susquehanna Portfolio Strategies LLC trimmed its stake in Global Partners LP (NYSE:GLP) by 23.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 16,356 shares of the energy company’s stock after selling 4,971 shares during the quarter. Susquehanna Portfolio Strategies LLC’s holdings in Global Partners were worth $746,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Granite Bay Wealth Management LLC grew its holdings in shares of Global Partners by 6,200.0% during the second quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock valued at $14,541,000 after buying an additional 310,000 shares during the last quarter. Sanders Morris Harris LLC bought a new stake in shares of Global Partners in the 1st quarter worth $732,000. Blackstone Inc. raised its stake in shares of Global Partners by 11.2% in the fourth quarter. Blackstone Inc. now owns 137,175 shares of the energy company’s stock worth $5,804,000 after purchasing an additional 13,800 shares during the last quarter. Leo Wealth LLC purchased a new position in shares of Global Partners in the fourth quarter worth $423,000. Finally, SVB Wealth LLC bought a new position in shares of Global Partners during the first quarter valued at $374,000. 38.12% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Global Partners news, insider Global Gp Llc acquired 2,400 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were bought at an average price of $41.88 per share, with a total value of $100,512.00. Following the completion of the acquisition, the insider now owns 196,681 shares in the company, valued at approximately $8,237,000.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders acquired 43,226 shares of company stock valued at $1,872,989 in the last quarter. 41.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Stifel Nicolaus lifted their price objective on Global Partners from $50.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, August 9th.

Global Partners Stock Up 0.6 %

Shares of Global Partners stock opened at $44.70 on Friday. Global Partners LP has a twelve month low of $27.07 and a twelve month high of $50.85. The company has a quick ratio of 0.62, a current ratio of 1.10 and a debt-to-equity ratio of 2.52. The company’s 50 day moving average is $42.07 and its 200 day moving average is $44.44. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 16.62 and a beta of 1.38.

Global Partners (NYSE:GLP) last released its quarterly earnings results on Wednesday, August 7th. The energy company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.50 by ($0.40). Global Partners had a net margin of 0.71% and a return on equity of 19.21%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $5.51 billion. Research analysts anticipate that Global Partners LP will post 3.19 EPS for the current year.

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were paid a dividend of $0.72 per share. This is an increase from Global Partners’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 6.44%. The ex-dividend date was Thursday, August 8th. Global Partners’s payout ratio is currently 107.06%.

Global Partners Company Profile

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.