Global GP LLC, the general partner of Global Partners LP (NYSE:GLP), recently purchased 5,000 common units of the company, valued at approximately $263,300. The transaction, which took place on November 25, 2024, was executed at a weighted average price of $52.66 per unit, with prices ranging from $52.00 to $53.31. This acquisition was made to fulfill obligations under the Global Partners LP Long-Term Incentive Plan. Following this purchase, Global GP LLC holds a total of 298,307 common units.
In other recent news, Global Partners LP has reported a significant financial growth in its third-quarter earnings. The company's Adjusted EBITDA rose to $114 million, up from $77.7 million the previous year, and net income increased to $45.9 million from $26.8 million. The distributable cash flow also experienced a substantial rise, reaching $71.1 million from $42.2 million in the same quarter of the previous year.
In addition to these earnings results, Global Partners announced a 6.6% year-over-year increase in its quarterly cash distribution, reaching $0.73 per common unit. Furthermore, the company highlighted its acquisition of a 730-acre liquid energy terminal in East Providence, RI, as a strategic move to bolster operations.
In terms of future expectations, Global Partners is integrating 29 newly acquired liquid energy terminals and has projected capital expenditures for 2024 to be set between $50 million to $60 million for maintenance and $40 million to $50 million for expansion. The company also expressed its active participation in the electric vehicle infrastructure expansion in Massachusetts, indicating a forward-looking initiative. These are among the recent developments for Global Partners.
InvestingPro Insights
Global Partners LP (NYSE:GLP) has been showing strong performance in the market, as evidenced by recent insider purchases and several key financial indicators. According to InvestingPro data, GLP's stock is trading near its 52-week high, with a robust one-year price total return of 64.54%. This aligns with the company's recent insider buying activity, suggesting confidence in the company's future prospects.
The company's financial health appears solid, with a market capitalization of $1.8 billion and a P/E ratio of 15.86, indicating a reasonable valuation relative to earnings. GLP also boasts a healthy dividend yield of 5.53%, which is particularly noteworthy given that it has maintained dividend payments for 19 consecutive years, as highlighted by one of the InvestingPro Tips.
However, investors should be aware that GLP operates with a significant debt burden, which could impact its financial flexibility. Despite this, the company has demonstrated profitability over the last twelve months and has shown revenue growth of 5.31% in the same period.
For those interested in a deeper analysis, InvestingPro offers 12 additional tips on Global Partners LP, providing a more comprehensive view of the company's financial situation and market position.
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