Global Partners LP (NYSE:GLP) Short Interest Down 27.4% in March

Global Partners LP (NYSE:GLP) saw a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 259,599 shares, a decrease of 27.4% from the March 15th total of 357,732 shares. Approximately 1.3% of the shares of the company are sold short. Based on an average daily volume of 60,111 shares, the days-to-cover ratio is presently 4.3 days.

Global Partners Stock Up 0.5%

Shares of GLP opened at $45.67 on Friday. The firm’s 50-day simple moving average is $46.87 and its 200 day simple moving average is $45.17. Global Partners has a 52 week low of $39.58 and a 52 week high of $56.51. The firm has a market cap of $1.55 billion, a P/E ratio of 21.64 and a beta of 1.04. The company has a debt-to-equity ratio of 2.74, a quick ratio of 0.63 and a current ratio of 1.14.

Global Partners (NYSE:GLP) last announced its earnings results on Friday, February 27th. The energy company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.06). Global Partners had a return on equity of 15.99% and a net margin of 0.53%.The business had revenue of $4.65 billion for the quarter, compared to analyst estimates of $6.94 billion. On average, analysts forecast that Global Partners will post 2.13 earnings per share for the current year.

Global Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 9th were given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 6.7%. The ex-dividend date was Monday, February 9th. This is a boost from Global Partners’s previous quarterly dividend of $0.76. Global Partners’s dividend payout ratio (DPR) is currently 144.08%.

Insider Activity

In other news, COO Mark Romaine sold 2,020 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $48.19, for a total value of $97,343.80. Following the sale, the chief operating officer directly owned 141,609 shares of the company’s stock, valued at approximately $6,824,137.71. This represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 24,063 shares of company stock valued at $1,146,471. 41.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GLP. Jane Street Group LLC acquired a new position in shares of Global Partners during the 1st quarter worth approximately $862,000. Bank of America Corp DE grew its position 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 worth $7,267,000 after purchasing an additional 1,227 shares in the last quarter. Geneos Wealth Management Inc. grew its position 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 worth $224,000 after purchasing an additional 2,000 shares in the last quarter. Exchange Traded Concepts LLC grew its position in shares of Global Partners by 1.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 30,094 shares of the energy company’s stock worth $1,445,000 after purchasing an additional 375 shares in the last quarter. Finally, Gilman Hill Asset Management LLC grew its position in shares of Global Partners by 20.1% during the 3rd quarter. Gilman Hill Asset Management LLC now owns 43,592 shares of the energy company’s stock worth $2,092,000 after purchasing an additional 7,285 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 topic of a number of research analyst reports. Zacks Research raised shares of Global Partners from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Global Partners in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Global Partners from a “hold” rating to a “buy” rating in a research note on Saturday, March 7th. Finally, Stifel Nicolaus upped their price target on shares of Global Partners from $45.00 to $46.00 and gave the company a “hold” rating in a research note on Monday, March 2nd. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $46.00.

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.