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

Global Partners LP (NYSE:GLP) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 51,800 shares, a decline of 67.3% from the August 15th total of 158,200 shares. Based on an average daily volume of 125,200 shares, the short-interest ratio is currently 0.4 days. Approximately 0.2% of the shares of the company are sold short.

Several equities analysts have recently commented on GLP shares. Barclays downgraded Global Partners from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $24.00 to $21.00 in a research report on Monday, August 9th. TheStreet lowered Global Partners from a “b-” rating to a “c+” rating in a report on Wednesday, September 1st. Finally, Zacks Investment Research lowered Global Partners from a “hold” rating to a “sell” rating in a report on Tuesday, August 10th.

In other news, insider Global Gp Llc acquired 9,120 shares of Global Partners stock in a transaction dated Friday, June 18th. The shares were purchased at an average cost of $26.18 per share, for a total transaction of $238,761.60. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 41.50% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLP. Rockefeller Capital Management L.P. acquired a new position in Global Partners during the 2nd quarter valued at about $38,000. Arkadios Wealth Advisors acquired a new stake in Global Partners in the second quarter valued at approximately $45,000. Tradition Wealth Management LLC acquired a new stake in Global Partners in the first quarter valued at approximately $64,000. Eaton Vance Management acquired a new stake in Global Partners in the first quarter valued at approximately $107,000. Finally, Cowen Prime Advisors LLC bought a new position in shares of Global Partners in the second quarter valued at approximately $108,000. 27.03% of the stock is owned by institutional investors and hedge funds.

Global Partners stock opened at $19.96 on Wednesday. Global Partners has a 12-month low of $12.10 and a 12-month high of $27.50. The stock has a market cap of $678.54 million, a P/E ratio of 35.64 and a beta of 1.43. The company has a current ratio of 1.33, a quick ratio of 0.65 and a debt-to-equity ratio of 2.85. The company has a fifty day simple moving average of $22.76 and a 200-day simple moving average of $23.47.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Friday, August 6th. The energy company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.39). Global Partners had a return on equity of 8.68% and a net margin of 0.30%. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.73 billion. As a group, sell-side analysts forecast that Global Partners will post 0.95 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Monday, August 9th were paid a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a yield of 11.52%. The ex-dividend date of this dividend was Friday, August 6th. Global Partners’s dividend payout ratio is currently 77.97%.

About Global Partners

Global Partners LP engages in purchasing, selling, storing, and logistics of transporting petroleum and related products. It operates through the following business segments; Wholesale, Gasoline Distribution and Station Operations (GDSO) and Commercial. The Wholesale segment sells branded and unbranded gasoline and gasoline blendstocks and diesel to wholesale distributors.

Read More: Basic Economics

Receive News & Ratings for Global Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global Partners and related companies with MarketBeat.com's FREE daily email newsletter.