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

Global Partners LP (NYSE:GLP) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 738,500 shares, an increase of 6.3% from the September 15th total of 694,800 shares. Based on an average daily volume of 68,100 shares, the short-interest ratio is presently 10.8 days. Currently, 2.5% of the shares of the stock are sold short.

Global Partners Price Performance

NYSE:GLP opened at $46.77 on Friday. The firm has a market cap of $1.59 billion, a P/E ratio of 17.39 and a beta of 1.38. The stock has a 50 day moving average of $44.02 and a two-hundred day moving average of $44.55. Global Partners has a 12 month low of $29.21 and a 12 month high of $50.85. The company has a current ratio of 1.10, a quick ratio of 0.62 and a debt-to-equity ratio of 2.52.

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

Global Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were paid a $0.72 dividend. This is an increase from Global Partners’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 6.16%. The ex-dividend date of this dividend was Thursday, August 8th. Global Partners’s dividend payout ratio (DPR) is currently 107.06%.

Insider Buying and Selling at Global Partners

In other Global Partners news, insider Global Gp Llc bought 1,300 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $40.49 per share, for a total transaction of $52,637.00. Following the transaction, the insider now directly owns 194,281 shares of the company’s stock, valued at approximately $7,866,437.69. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders have acquired 43,226 shares of company stock valued at $1,872,989. Company insiders own 41.50% of the company’s stock.

Institutional Trading of Global Partners

Large investors have recently bought and sold shares of the business. Granite Bay Wealth Management LLC grew its position in shares of Global Partners by 6,200.0% in the second quarter. Granite Bay Wealth Management LLC now owns 315,000 shares of the energy company’s stock valued at $14,541,000 after purchasing an additional 310,000 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Global Partners by 2.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 33,256 shares of the energy company’s stock worth $1,548,000 after acquiring an additional 725 shares during the period. Gilman Hill Asset Management LLC boosted its position in shares of Global Partners by 17.8% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 31,461 shares of the energy company’s stock valued at $1,436,000 after acquiring an additional 4,760 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Global Partners by 8.0% in the first quarter. Commonwealth Equity Services LLC now owns 27,510 shares of the energy company’s stock valued at $1,221,000 after purchasing an additional 2,030 shares during the period. Finally, Sanders Morris Harris LLC purchased a new position in Global Partners during the first quarter worth about $732,000. Hedge funds and other institutional investors own 38.12% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus lifted their target price on shares of Global Partners from $50.00 to $51.00 and gave the company a “buy” rating in a research 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.