Global Partners LP (NYSE:GLP), a leader in the wholesale petroleum distribution industry, has reported a significant purchase of common units by its general partner, Global GP LLC. According to the latest filings, Global GP LLC acquired 10,000 common units representing limited partner interests at a weighted average price of $47.61 per share, amounting to a total investment of $476,100.
The transactions, which took place on May 31, 2024, were executed in multiple trades with prices ranging from $47.00 to $48.32. Following the purchase, Global GP LLC's total ownership in Global Partners LP increased to 157,981 common units.
The purchase was made in connection with Global Partners LP's Long-Term Incentive Plan (LTIP), which is designed to satisfy obligations previously granted to the company's directors and officers. It's important to note that Global GP LLC has disclaimed any pecuniary interest in these securities, indicating that the transaction was not for personal gain but rather in fulfillment of the LTIP commitments.
Investors and security holders of Global Partners LP can request additional details on the number of common units purchased at each separate price within the specified range, as indicated in the footnote of the Form 4 filing.
Global Partners LP, with its significant presence in the petroleum bulk stations and terminals sector, continues to maintain transparency in its financial dealings, providing stakeholders with timely information on the trading activities of its key executives and partners.
InvestingPro Insights
Global Partners LP (NYSE:GLP) has recently caught the attention of investors not only because of the insider purchases by its general partner but also due to its financial metrics and performance. The company, which operates with a significant debt burden, has shown resilience by raising its dividend for 3 consecutive years, as highlighted by one of the InvestingPro Tips. Moreover, the company has impressively maintained dividend payments for 19 consecutive years, indicating a commitment to shareholder returns despite weak gross profit margins.
From a valuation perspective, Global Partners LP is trading at a low revenue valuation multiple, currently standing at a price-to-earnings (P/E) ratio of 17.49, with an adjusted P/E for the last twelve months as of Q1 2024 at 18.11. This could suggest that the company's earnings are reasonably priced in comparison to the market. Additionally, the dividend yield as of May 8, 2024, is quite attractive at 5.94%, which is complemented by a notable dividend growth of 11.81% over the last twelve months.
Investors looking for growth indicators will note that Global Partners LP has experienced a large price uptick over the last six months, with a six-month price total return of 32.72%. The company's year-to-date price total return stands at 16.5%, and over the past year, the return has been an impressive 70.26%, suggesting a robust performance in the market.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available that can provide further insights into Global Partners LP's financial health and market performance. By using the coupon code PRONEWS24, interested parties can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking valuable data that could inform investment decisions. Visit https://www.investing.com/pro/GLP to explore these tips and metrics in detail.
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