Global GP LLC, the general partner of Global Partners LP (NYSE:GLP), has made significant acquisitions of common units in the company. According to a recent filing, Global GP LLC purchased 6,000 common units over two days, with transactions occurring on December 19 and December 20, 2024. The timing is notable as the stock has experienced an 11.86% decline over the past week, according to InvestingPro data.
The units were acquired at prices ranging from $47.76 to $48.67, resulting in a total investment of $289,290. These acquisitions were made to satisfy obligations under the Global Partners LP Long-Term Incentive Plan. After these transactions, Global GP LLC holds 321,307 common units in the company, demonstrating continued confidence in GLP, which currently offers a 6.21% dividend yield and has maintained dividend payments for 19 consecutive years.
The purchases reflect Global GP LLC's ongoing commitment to supporting Global Partners LP, a notable player in the wholesale petroleum bulk stations and terminals industry. With a market capitalization of $1.64 billion and a FAIR financial health score from InvestingPro, the company currently trades near its Fair Value. Investors seeking deeper insights can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering key metrics and expert analysis.
In other recent news, Global Partners LP has reported robust growth in their third-quarter earnings call. The company's adjusted EBITDA rose to $114 million, up from $77.7 million the previous year, while net income increased to $45.9 million from $26.8 million. Distributable cash flow also saw a significant rise to $71.1 million from $42.2 million in the same quarter of the previous year.
The company has also announced the acquisition of a 730-acre liquid energy terminal in East Providence, RI, as part of their expansion efforts. Additionally, Global Partners is actively participating in the electric vehicle infrastructure expansion in Massachusetts.
In terms of future plans, the company is set to integrate 29 newly acquired liquid energy terminals and has projected capital expenditures for 2024 between $50 million to $60 million for maintenance and $40 million to $50 million for expansion. These recent developments highlight Global Partners' focus on growth opportunities and resilience in fluctuating markets.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.