Global Partners LP (NYSE:GLP) shares soared to an all-time high, reaching a price level of $56.85, marking a significant milestone for the energy supply company. According to InvestingPro data, the company maintains a "GOOD" overall financial health score and offers a notable 5.2% dividend yield, having maintained dividend payments for 19 consecutive years. This peak comes amidst a year that has seen the stock price surge, with an impressive 60.5% total return over the past year. Investors have shown increasing confidence in Global Partners, as the company continues to navigate the dynamic energy market, capitalizing on strategic initiatives that have bolstered its financial performance and market position. The all-time high represents a culmination of sustained growth, with InvestingPro analysis revealing 13 additional key insights about GLP's performance and valuation metrics, available in the comprehensive Pro Research Report.
In other recent news, Global Partners LP has reported substantial financial growth in its third-quarter earnings. The company's Adjusted EBITDA rose to $114 million, up from $77.7 million the previous year, while 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. Alongside these financial achievements, the company declared a quarterly cash distribution of $0.73 per common unit, marking a 6.6% increase year-over-year.
Global Partners has also made strides in expansion, with the acquisition of a 730-acre liquid energy terminal in East Providence, RI. The company is actively participating in the electric vehicle infrastructure expansion in Massachusetts and is integrating 29 newly acquired liquid energy terminals. 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 show Global Partners' focus on growth opportunities and resilience in fluctuating markets, as highlighted by CEO Eric Slifka. The company's involvement in EV infrastructure development and positive developments in consumer packaged goods due to favorable wholesale price volatility indicate strategic growth and forward-looking initiatives.
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