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

Global Partners LP (NYSE:GLP) saw a large decline in short interest during the month of 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. Approximately 2.3% of the shares of the stock are short sold. Based on an average trading volume of 71,100 shares, the short-interest ratio is presently 9.8 days.

Global Partners Trading Up 2.1 %

Shares of 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. The business has a 50-day moving average of $42.17 and a 200 day moving average of $44.42. The stock has a market capitalization of $1.61 billion, a PE ratio of 17.39 and a beta of 1.38. Global Partners has a 1-year low of $27.07 and a 1-year high of $50.85.

Global Partners (NYSE:GLP) last issued 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 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 anticipate that Global Partners will post 3.19 earnings per share for the current year.

Global Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were issued a $0.72 dividend. The ex-dividend date was Thursday, August 8th. This represents a $2.88 annualized dividend and a yield of 6.06%. This is a boost from Global Partners’s previous quarterly dividend of $0.71. Global Partners’s dividend payout ratio (DPR) is 107.06%.

Insider Transactions at Global Partners

In other news, insider Global Gp Llc bought 7,500 shares of Global Partners stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average price of $45.08 per share, with a total value of $338,100.00. Following the completion of the purchase, the insider now directly owns 214,181 shares in the company, valued at $9,655,279.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders purchased 43,226 shares of company stock valued at $1,872,989. Insiders own 41.50% of the company’s stock.

Institutional Investors Weigh In On Global Partners

Large investors have recently made changes to their positions in the business. Granite Bay Wealth Management LLC lifted its stake 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 worth $14,541,000 after acquiring an additional 310,000 shares during the period. Sanders Morris Harris LLC bought a new stake in shares of Global Partners during the 1st quarter valued at about $732,000. Blackstone Inc. increased its position in shares of Global Partners by 11.2% during the fourth quarter. Blackstone Inc. now owns 137,175 shares of the energy company’s stock valued at $5,804,000 after buying an additional 13,800 shares during the period. Leo Wealth LLC bought a new position in Global Partners in the fourth quarter worth about $423,000. Finally, SVB Wealth LLC purchased a new stake in Global Partners in the first quarter worth about $374,000. 38.12% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Stifel Nicolaus increased their target price 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.

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.