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

Global Partners LP (NYSE:GLP) was the target of a large growth in short interest in February. As of February 14th, there was short interest totalling 30,500 shares, a growth of 83.7% from the January 30th total of 16,600 shares. Based on an average daily trading volume, of 105,500 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.1% of the shares of the stock are sold short.

A number of research analysts have weighed in on the company. ValuEngine raised Global Partners from a “sell” rating to a “hold” rating in a report on Friday, January 31st. Wells Fargo & Co lowered Global Partners from an “equal weight” rating to an “underweight” rating and set a $20.00 target price for the company. in a report on Tuesday, January 7th. Zacks Investment Research lowered Global Partners from a “buy” rating to a “hold” rating in a report on Wednesday, February 12th. JPMorgan Chase & Co. lowered Global Partners from a “neutral” rating to an “underweight” rating and set a $21.00 target price for the company. in a report on Wednesday, January 29th. Finally, TheStreet raised Global Partners from a “c” rating to a “b-” rating in a report on Tuesday, November 19th. Three investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. The company currently has an average rating of “Sell” and a consensus price target of $20.25.

Institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC grew its stake in shares of Global Partners by 13.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 26,896 shares of the energy company’s stock valued at $527,000 after buying an additional 3,284 shares during the period. California Public Employees Retirement System increased its holdings in Global Partners by 22.3% in the 3rd quarter. California Public Employees Retirement System now owns 37,078 shares of the energy company’s stock worth $727,000 after acquiring an additional 6,767 shares during the last quarter. First Trust Advisors LP increased its holdings in Global Partners by 9.0% in the 3rd quarter. First Trust Advisors LP now owns 324,006 shares of the energy company’s stock worth $6,354,000 after acquiring an additional 26,619 shares during the last quarter. Essex Financial Services Inc. purchased a new stake in Global Partners in the 3rd quarter worth about $196,000. Finally, Kayne Anderson Capital Advisors LP increased its holdings in Global Partners by 0.4% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 2,354,159 shares of the energy company’s stock worth $46,160,000 after acquiring an additional 10,400 shares during the last quarter. Hedge funds and other institutional investors own 37.99% of the company’s stock.

GLP stock traded down $0.40 during mid-day trading on Friday, reaching $17.42. 14,404 shares of the company traded hands, compared to its average volume of 110,288. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.40 and a quick ratio of 0.77. The company has a market capitalization of $595.51 million, a P/E ratio of 7.28 and a beta of 0.97. Global Partners has a 52-week low of $17.50 and a 52-week high of $21.62. The company has a fifty day moving average price of $19.53 and a 200-day moving average price of $19.78.

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 10th were given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 12.06%. The ex-dividend date of this dividend was Friday, February 7th. This is an increase from Global Partners’s previous quarterly dividend of $0.52. Global Partners’s dividend payout ratio (DPR) is 121.39%.

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 in the New England states and New York.

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