Global Partners LP (NYSE:GLP) Sees Large Decline in Short Interest

Global Partners LP (NYSE:GLP) was the recipient of a significant decline in short interest in September. As of September 15th, there was short interest totalling 694,800 shares, a decline of 6.1% from the August 31st total of 740,300 shares. Approximately 2.3% of the company’s stock are short sold. Based on an average daily volume of 71,100 shares, the short-interest ratio is presently 9.8 days.

Insider Activity at Global Partners

In other Global Partners news, insider Global Gp Llc purchased 2,400 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was bought at an average price of $41.88 per share, with a total value of $100,512.00. Following the transaction, the insider now directly owns 196,681 shares of the company’s stock, valued at approximately $8,237,000.28. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders acquired 43,226 shares of company stock worth $1,872,989. Corporate insiders own 41.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GLP. International Assets Investment Management LLC purchased a new stake in Global Partners during the 2nd quarter valued at approximately $41,000. Spinnaker Trust purchased a new stake in shares of Global Partners during the second quarter worth approximately $203,000. Virtu Financial LLC acquired a new stake in shares of Global Partners during the fourth quarter worth $206,000. Albert D Mason Inc. grew its position in Global Partners by 6.6% in the 2nd quarter. Albert D Mason Inc. now owns 4,865 shares of the energy company’s stock valued at $222,000 after buying an additional 300 shares during the last quarter. Finally, Crescent Grove Advisors LLC acquired a new position in Global Partners in the 1st quarter valued at $318,000. 38.12% of the stock is owned by hedge funds and other institutional investors.

Global Partners Stock Performance

Shares of Global Partners stock opened at $44.70 on Monday. The company has a quick ratio of 0.62, a current ratio of 1.10 and a debt-to-equity ratio of 2.52. Global Partners has a 52 week low of $27.07 and a 52 week high of $50.85. The firm’s 50 day moving average is $42.07 and its two-hundred day moving average is $44.43. The firm has a market capitalization of $1.51 billion, a P/E ratio of 16.62 and a beta of 1.38.

Global Partners (NYSE:GLP) last posted its earnings results on Wednesday, August 7th. The energy company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.40). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $5.51 billion. Global Partners had a return on equity of 19.21% and a net margin of 0.71%. Research analysts forecast that Global Partners will post 3.19 EPS for the current fiscal year.

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were given a $0.72 dividend. This is an increase from Global Partners’s previous quarterly dividend of $0.71. The ex-dividend date was Thursday, August 8th. This represents a $2.88 annualized dividend and a yield of 6.44%. Global Partners’s dividend payout ratio is 107.06%.

Analyst Ratings Changes

Separately, Stifel Nicolaus raised their price objective on shares of Global Partners from $50.00 to $51.00 and gave the company a “buy” rating in a report on Friday, August 9th.

About Global Partners

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.