Global GP LLC, the general partner of Global Partners LP (NYSE:GLP), recently purchased common units valued at $290,220, according to a filing with the Securities and Exchange Commission. The transactions, which occurred on December 23 and 24, involved the acquisition of 6,000 common units at prices ranging from $47.35 to $49.39 per unit. The $1.6 billion market cap company has shown strong momentum, delivering a 24% return year-to-date, and currently offers a notable 5.9% dividend yield. According to InvestingPro analysis, the stock is trading near its Fair Value.
The purchases were made to fulfill obligations under the Global Partners LP Long-Term Incentive Plan, as noted in the filing. Following these transactions, Global GP LLC holds a total of 327,307 common units.
These acquisitions reflect ongoing commitments by Global GP LLC to meet its obligations related to awards granted to directors and officers. The filing emphasizes that Global GP LLC disclaims any pecuniary interest in these securities, indicating that the purchases are for administrative purposes rather than investment.
In other recent news, Global Partners LP has reported substantial financial growth in its third-quarter earnings announcement. The company’s Adjusted EBITDA rose to $114 million, a considerable increase from $77.7 million the previous year. Net income also saw a significant rise to $45.9 million from $26.8 million, and distributable cash flow increased to $71.1 million from $42.2 million in the same quarter of the previous year. The company also declared a quarterly cash distribution of $0.73 per common unit, marking a 6.6% increase year-over-year.
In addition to these financial highlights, Global Partners has been actively involved in the electric vehicle infrastructure expansion in Massachusetts and recently acquired a 730-acre liquid energy terminal in East Providence, RI, to bolster operations. The company’s projected capital expenditures for 2024 are set between $50 million to $60 million for maintenance and $40 million to $50 million for expansion.
These recent developments underline the company’s strategic growth initiatives and resilience in fluctuating markets. In the words of CEO Eric Slifka, Global Partners is focused on growth opportunities and operational enhancements, including the recent terminal acquisition and the ongoing expansion of its EV charging infrastructure.
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