Global Partners LP (NYSE:GLP) Sees Significant Decrease in Short Interest

Global Partners LP (NYSE:GLP) was the recipient of a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 104,753 shares, a drop of 54.6% from the June 15th total of 230,789 shares. Based on an average daily trading volume, of 227,107 shares, the short-interest ratio is currently 0.5 days. Approximately 0.5% of the company’s shares are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GLP. Jane Street Group LLC purchased a new stake in shares of Global Partners in the first quarter worth about $862,000. Bank of America Corp DE raised its holdings in shares of Global Partners by 0.9% during the 2nd quarter. Bank of America Corp DE now owns 137,822 shares of the energy company’s stock valued at $7,267,000 after buying an additional 1,227 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of Global Partners by 89.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,245 shares of the energy company’s stock valued at $224,000 after buying an additional 2,000 shares during the period. PNC Financial Services Group Inc. acquired a new position in Global Partners during the 3rd quarter worth approximately $48,000. Finally, BNP Paribas Financial Markets lifted its position in Global Partners by 15.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,073 shares of the energy company’s stock worth $1,012,000 after acquiring an additional 2,877 shares in the last quarter. Institutional investors and hedge funds own 38.12% of the company’s stock.

Wall Street Analyst Weigh In

GLP has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Global Partners from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 13th. Zacks Research cut shares of Global Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised shares of Global Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Global Partners has an average rating of “Hold” and an average price target of $46.00.

Global Partners Trading Down 1.8%

NYSE GLP traded down $0.86 during mid-day trading on Wednesday, hitting $47.90. The company’s stock had a trading volume of 51,098 shares, compared to its average volume of 71,450. The firm has a market capitalization of $1.63 billion, a P/E ratio of 13.31 and a beta of 1.02. The company has a debt-to-equity ratio of 2.58, a current ratio of 1.12 and a quick ratio of 0.64. Global Partners has a 52-week low of $39.58 and a 52-week high of $53.25. The stock’s fifty day simple moving average is $47.75 and its two-hundred day simple moving average is $46.61.

Global Partners (NYSE:GLP) last released its quarterly earnings data on Friday, May 8th. The energy company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $1.52. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $6.98 billion. Research analysts expect that Global Partners will post 4.71 EPS for the current year.

Global Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 11th were issued a $0.765 dividend. The ex-dividend date was Monday, May 11th. This represents a $3.06 annualized dividend and a yield of 6.4%. This is an increase from Global Partners’s previous quarterly dividend of $0.76. Global Partners’s payout ratio is currently 85.00%.

Global Partners Company Profile

Global Partners LP is a publicly traded master limited partnership engaged in the wholesale distribution and retail marketing of petroleum products. The company sources refined petroleum products from major refineries and suppliers and transports them through an integrated network of pipelines, terminals and storage facilities. Global Partners focuses on delivering fuel and related services to commercial, industrial and residential customers, positioning itself as a key midstream and downstream energy operator in its core markets.

Through its extensive terminal network in the northeastern United States and eastern Canada, Global Partners supplies gasoline, diesel, home heating oil, kerosene, propane and biofuels to a broad customer base.