Global Partners LP (GLP) experienced a notable increase of 6.8% in its stock price during the last trading session, closing at $56.69. This surge occurred alongside higher-than-normal trading volume, indicating strong investor interest. Over the past four weeks, GLP’s stock has gained 14.1%.
EV Charging and Dividends Boost Investor Confidence
The recent upswing in GLP shares can largely be linked to strategic initiatives and the announcement of a higher fourth-quarter dividend. The company has begun to expand into electric vehicle (EV) charging infrastructure, adding six new chargers at two convenience store locations in New Hampshire. This venture is supported by nearly $500,000 in funding from the New Hampshire Volkswagen Environmental Mitigation Trust DCFC Infrastructure program, marking a significant step in GLP’s growth strategy. Additionally, the board of directors declared a quarterly cash dividend of 74 cents per unit, reflecting a 1.4% increase from the previous dividend amount. This payment is scheduled for February 14, 2025, for unitholders on record as of February 10, 2025. The combination of these expansion efforts and the growing dividend has likely fueled investor optimism.
Upcoming Earnings Report: A Mixed Outlook
Looking ahead, GLP is projected to report quarterly earnings of $0.24 per share, marking an 83% decrease year-over-year. However, revenue estimates stand at $5.8 billion, representing a substantial increase of 31.6% compared to the same quarter last year. While earnings and revenue growth provide a glimpse into the company’s potential, trends in earnings estimate revisions are also crucial as they often correlate with short-term stock price movements.
For GLP, the consensus EPS estimate over the last 30 days has remained unchanged. Typically, a stock won’t maintain its upward trajectory without any change in earnings estimates. Therefore, it will be important to monitor GLP to assess whether this recent rise can lead to further gains.
Industry Peers and Market Context
Currently, GLP holds a Zacks Rank #3 (Hold). Within the same industry, Targa Resources, Inc. (TRGP) closed the last session at $205.21, up 1.2%. TRGP’s stock has shown a solid return of 13.7% in the past month.
Targa Resources also has an upcoming earnings report, with a consensus EPS estimate of $1.90, which represents a 54.5% increase from last year. TRGP currently shares a Zacks Rank of #3 (Hold).
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Global Partners LP (GLP): Free Stock Analysis Report
Targa Resources, Inc. (TRGP): Free Stock Analysis Report
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