Global GP LLC, acting as the general partner for Global Partners LP (NYSE:GLP), recently acquired common units representing limited partner interests in two separate transactions. The purchases were made to fulfill obligations related to awards previously granted under the Global Partners LP Long-Term Incentive Plan. According to InvestingPro data, GLP currently has a market capitalization of $1.58 billion and has maintained dividend payments for an impressive 19 consecutive years.
On December 17, Global GP LLC purchased 2,000 common units at a weighted average price of $49.70, with prices ranging from $48.81 to $50.73. The following day, December 18, an additional 3,000 units were acquired at a weighted average price of $48.84, with transaction prices varying between $46.51 and $49.59. The total value of these acquisitions amounts to $245,920. The recent purchases come amid a notable 9.5% decline in GLP's stock price over the past week, though the company maintains a solid 6% dividend yield. Discover more insights about GLP's valuation and 10+ additional ProTips with InvestingPro.
These purchases increased Global GP LLC's direct ownership of Global Partners LP units to 315,307 following the transactions. The company has stated that they do not claim any pecuniary interest in these securities, and they are held for the purpose of satisfying obligations related to the Long-Term Incentive Plan.
In other recent news, Global Partners LP reported substantial financial growth in its Q3 earnings call, with a significant increase in Adjusted EBITDA and net income. 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. Distributable cash flow also saw a noteworthy rise to $71.1 million from $42.2 million in the same quarter of the previous year. In addition to these financial highlights, the company announced the acquisition of a 730-acre liquid energy terminal in East Providence, RI, to bolster operations.
In terms of analyst notes, the company did not report any specific financial misses. Global Partners is integrating 29 newly acquired liquid energy terminals and has projected capital expenditures for 2024 set between $50 million to $60 million for maintenance and $40 million to $50 million for expansion. The company's leverage ratio was reported at 3.27x as of September 30, 2024.
These are recent developments for Global Partners, which also includes an active participation in the electric vehicle infrastructure expansion in Massachusetts. The company's proactive approach to expanding its EV charging infrastructure aligns with broader market trends and government support for sustainable energy solutions. The company's involvement in EV infrastructure development indicates forward-looking initiatives.
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