Global Partners LP (NYSE:GLP) Announces Dividend Increase – $0.71 Per Share

Global Partners LP (NYSE:GLP) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Thursday, May 9th will be paid a dividend of 0.71 per share by the energy company on Wednesday, May 15th. This represents a $2.84 dividend on an annualized basis and a yield of 5.89%. The ex-dividend date of this dividend is Wednesday, May 8th. This is a positive change from Global Partners’s previous quarterly dividend of $0.70.

Global Partners has raised its dividend by an average of 12.2% annually over the last three years and has increased its dividend every year for the last 4 years. Global Partners has a payout ratio of 63.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Global Partners to earn $4.46 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 63.7%.

Global Partners Stock Performance

Shares of GLP opened at $48.20 on Tuesday. Global Partners has a 1 year low of $27.07 and a 1 year high of $49.50. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.71 and a current ratio of 1.12. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 12.82 and a beta of 1.33. The firm has a fifty day moving average of $46.35 and a 200-day moving average of $42.08.

Global Partners (NYSE:GLP) last issued its quarterly earnings data on Wednesday, February 28th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.45. Global Partners had a return on equity of 23.91% and a net margin of 0.92%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.39 billion. As a group, equities analysts anticipate that Global Partners will post 3.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Global Partners from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd.

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.