Short Interest in Global Partners LP (NYSE:GLP) Declines By 6.1%

Global Partners LP (NYSE:GLP) was the target 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. Currently, 2.3% of the company’s shares are short sold. Based on an average daily volume of 71,100 shares, the days-to-cover ratio is currently 9.8 days.

Insiders Place Their Bets

In related news, insider Global Gp Llc acquired 1,300 shares of Global Partners stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $40.49 per share, with a total value of $52,637.00. Following the transaction, the insider now directly owns 194,281 shares in the company, valued at approximately $7,866,437.69. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders acquired 43,226 shares of company stock worth $1,872,989. 41.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Global Partners

A number of hedge funds have recently bought and sold shares of GLP. International Assets Investment Management LLC bought a new position in shares of Global Partners in the second quarter worth approximately $41,000. Spinnaker Trust bought a new position in shares of Global Partners during the 2nd quarter worth $203,000. Virtu Financial LLC purchased a new stake in shares of Global Partners during the fourth quarter valued at about $206,000. Albert D Mason Inc. grew its holdings in shares of Global Partners by 6.6% during the second 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 purchased a new position in shares of Global Partners in the first quarter worth about $318,000. Hedge funds and other institutional investors own 38.12% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus boosted their target price on Global Partners from $50.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, August 9th.

Global Partners Price Performance

Shares of GLP traded down $0.01 during midday trading on Tuesday, hitting $46.55. 8,485 shares of the company traded hands, compared to its average volume of 105,472. The firm has a market cap of $1.58 billion, a P/E ratio of 17.22 and a beta of 1.38. Global Partners has a one year low of $27.07 and a one year high of $50.85. The stock has a 50-day moving average of $42.17 and a 200-day moving average of $44.42. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.10 and a quick ratio of 0.62.

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

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were given a dividend of $0.72 per share. The ex-dividend date was Thursday, August 8th. This represents a $2.88 annualized dividend and a dividend yield of 6.19%. This is an increase from Global Partners’s previous quarterly dividend of $0.71. Global Partners’s dividend payout ratio (DPR) is 107.06%.

Global Partners Company Profile

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.