Global GP LLC, a general partner of Global Partners LP (NYSE:GLP), has recently acquired additional common units of the company. According to a recent filing, the firm purchased a total of 7,000 common units, amounting to approximately $379,590. These transactions occurred at prices ranging from $52.17 to $55.05 per unit. The company, which currently trades at a P/E ratio of 15.4x, has demonstrated strong market performance with a 43% return over the past year, according to InvestingPro data.
The purchases were made on two separate dates. On December 12, 2024, Global GP LLC acquired 5,000 units, and on December 16, 2024, it purchased an additional 2,000 units. These acquisitions were made to satisfy obligations under the Global Partners LP Long-Term Incentive Plan. The company has maintained dividend payments for 19 consecutive years, with a current dividend yield of 5.5%. For deeper insights into GLP's financial health and extensive metrics, check out the comprehensive Pro Research Report available on InvestingPro.
Following these transactions, Global GP LLC now holds 310,307 common units. The firm has clarified that the purchases were executed in multiple transactions, with prices varying within the specified range. Global GP LLC has expressed its readiness to provide detailed information regarding each transaction upon request.
In other recent news, Global Partners LP reported robust 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. Distributable cash flow also saw a significant rise to $71.1 million from $42.2 million in the same quarter of the previous year. Additionally, the company declared a quarterly cash distribution of $0.73 per common unit, marking a 6.6% increase year-over-year.
In other developments, Global Partners is actively participating in the expansion of electric vehicle infrastructure in Massachusetts and has acquired a 730-acre liquid energy terminal in East Providence, Rhode Island, to strengthen operations. The company is also integrating 29 newly acquired liquid energy terminals into its operations.
These recent developments highlight Global Partners' strategic growth plans and its resilience in fluctuating markets, as noted by CEO Eric Slifka. The company's proactive approach to expanding its electric vehicle charging infrastructure aligns with broader market trends and government support for sustainable energy solutions.
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