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Petroleum products distributor Global Partners L.P. (GLP - Snapshot Report) raised its fourth quarter 2012 cash distribution to 57 cents per unit ($2.28 per unit annualized), representing an increase of approximately 7% sequentially and 14% year over year.

Global Partners’ announced distribution boost is in sync with its goal of delivering disciplined growth to unitholders. The partnership boasts a consistent and improving financial policy with high distribution coverage. Global Partners’ new distribution is payable on Feb 14 to unitholders of record as on Feb 5, 2013.

Waltham, Massachusetts-based Global Partners L.P. is a publicly traded master limited partnership that distributes refined petroleum products to customers in the northeastern U.S. It possesses one of the largest networks of refined petroleum terminals in the region. Additionally, Global Partners supplies fuel to approximately 800 retail gas stations in nine northeastern states.

Global Partners – which entered into a five-year oil transportation and logistics agreement with refiner Phillips 66 (PSX - Analyst Report) earlier this month – currently retains a Zacks Rank #1 (Strong Buy), implying that it is expected to significantly outperform the broader U.S. equity market over the next one to three months.

It's not too often one can find a stock with big earnings growth and a high yield. But in the case of Global Partners, an estimated long-term earnings growth projection of 47% coalesces with an 8% distribution. Presently trading near its 52-week high, units of this #1 Ranked partnership have climbed nearly 20% during the past month. With accretive acquisitions, incremental growth projects and a PEG ratio of less than 1.0, Global Partners looks like a solid aggressive play with a potential for further upside.

In addition to Global Partners, there are certain other downstream energy operators like Northern Tier Energy L.P. (NTI - Snapshot Report) and CVR Energy Inc. (CVI - Snapshot Report) that offer value and are worth buying now. Both these firms sport a Zacks Rank #1 (Strong Buy).
 

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