In a recent transaction, Global GP LLC, the general partner of Global Partners LP (NYSE:GLP), has acquired additional common units representing limited partner interests worth a total of $212,000. This purchase was made on September 5, 2024, at a weighted average price of $42.40 per unit, with prices ranging from $41.87 to $42.70.
The transaction involved the acquisition of 5,000 common units, which increases the general partner's holdings to a total of 239,181 units following the purchase. Global GP LLC stated that the acquisition was for the purpose of fulfilling obligations related to awards previously granted under the Global Partners LP Long-Term Incentive Plan (LTIP).
The company has clarified that Global GP LLC does not claim any pecuniary interest in these securities. Furthermore, this report is not an admission that Global GP LLC is the beneficial owner of the securities for the purpose of Section 16.
Global Partners LP, operating in the wholesale petroleum bulk stations and terminals industry, has its business address in Waltham, Massachusetts. The company is known for its distribution of a range of petroleum products and related services.
Investors and security holders of Global Partners LP can request detailed information about the individual prices paid for the units within the reported range by contacting the company directly.
The purchase underscores the ongoing alignment of interests between the general partner and the limited partners of the company.
In other recent news, Global Partners LP reported a robust second quarter for fiscal year 2024, showcasing significant year-over-year growth in key profitability metrics. This positive development was largely attributed to strategic acquisitions and healthy retail fuel margins. The company's Wholesale segment saw considerable expansion, with the acquisition of 29 terminals doubling its storage capacity. Additionally, the Gasoline Distribution and Station Operations (GDSO) segment demonstrated solid performance.
However, it's worth noting that operating expenses and SG&A expense rose due to acquisitions and increased professional fees. Interest expense also increased due to new senior notes issuance and higher credit facility balances. Despite these challenges, the company expects its CapEx for the full year of 2024 to range between $110 million to $130 million, split between maintenance and expansion.
These are recent developments that have seen Global Partners maintain an optimistic outlook for the second half of the year. The company plans to continue its strategic growth objectives to deliver value for unitholders. It's also worth noting that Global Partners will be participating in the upcoming Citi 2024 One-on-One Midstream & New Energy Infrastructure Conference.
InvestingPro Insights
Global Partners LP (NYSE:GLP) has been making headlines with its recent acquisition by Global GP LLC, and investors are closely monitoring the company's performance. According to InvestingPro data, Global Partners LP currently holds a market capitalization of $1.46 billion, with a Price/Earnings (P/E) ratio of 15.72, reflecting its earnings relative to its share price. Its revenue for the last twelve months as of Q2 2024 stands at approximately $17.19 billion, indicating a growth of 1.59%.
InvestingPro Tips suggest that Global Partners LP is trading at a low revenue valuation multiple, which could be an attractive point for investors seeking value plays. Additionally, the company has raised its dividend for 3 consecutive years and has maintained dividend payments for 19 consecutive years. This consistent dividend history, coupled with a significant dividend yield of 6.81%, demonstrates Global Partners LP's commitment to returning value to shareholders. It's worth noting that the company has been profitable over the last twelve months.
For investors considering Global Partners LP as part of their portfolio, there are additional InvestingPro Tips available on the platform. These tips delve deeper into the company's financial health and market performance, providing a comprehensive analysis for informed decision-making. As of now, there are a total of 10 InvestingPro Tips listed for Global Partners LP, which can be found at https://www.investing.com/pro/GLP.
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