Global Partners LP (NYSE:GLP) Short Interest Down 6.1% in September

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

Analyst Ratings Changes

Separately, Stifel Nicolaus increased their price target 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.

Insider Buying and Selling

In related news, insider Global Gp Llc bought 2,400 shares of the company’s stock in a transaction on Monday, August 19th. The shares were acquired at an average cost of $41.88 per share, with a total value of $100,512.00. Following the completion of the acquisition, the insider now owns 196,681 shares of the company’s stock, valued at approximately $8,237,000.28. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have purchased 43,226 shares of company stock worth $1,872,989 in the last 90 days. Insiders own 41.50% of the company’s stock.

Hedge Funds Weigh In On Global Partners

A number of institutional investors and hedge funds have recently modified their holdings of the company. Granite Bay Wealth Management LLC lifted its holdings in 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 acquiring an additional 310,000 shares during the period. Sanders Morris Harris LLC purchased a new stake in shares of Global Partners during the 1st quarter valued at about $732,000. Blackstone Inc. lifted its stake in shares of Global Partners by 11.2% in the 4th quarter. Blackstone Inc. now owns 137,175 shares of the energy company’s stock worth $5,804,000 after purchasing an additional 13,800 shares during the period. Leo Wealth LLC purchased a new position in shares of Global Partners in the fourth quarter worth approximately $423,000. Finally, SVB Wealth LLC bought a new stake in Global Partners during the first quarter valued at approximately $374,000. 38.12% of the stock is currently owned by hedge funds and other institutional investors.

Global Partners Stock Up 2.1 %

GLP stock opened at $47.52 on Wednesday. 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 has a 1-year low of $27.07 and a 1-year high of $50.85. The stock has a market capitalization of $1.61 billion, a P/E ratio of 17.39 and a beta of 1.38. The business has a fifty day moving average price of $42.17 and a 200-day moving average price of $44.42.

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

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 6.06%. This is a boost from Global Partners’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Thursday, August 8th. Global Partners’s dividend payout ratio is presently 107.06%.

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.