Global Partners LP (NYSE:GLP) Short Interest Update

Key Points

• Short interest in Global Partners LP fell sharply in June, dropping 54.6% to 104,753 shares as of June 30. That equals about 0.5% of the float and just 0.5 days to cover.
• Analyst sentiment is mixed: recent moves included upgrades from Weiss Ratings and Wall Street Zen, but Zacks Research downgraded the stock to Hold. MarketBeat’s consensus rating remains Hold with a target price of $46.00.
• The company continues to support shareholders with a dividend, paying $0.765 per share quarterly for an annualized yield of 6.3%. Global Partners also reported strong Q1 EPS of $1.85, well above estimates, though revenue came in below forecasts.

Global Partners LP (NYSE:GLP - Get Free Report) was the target of a large drop in short interest in 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 volume of 227,107 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.5% of the company's stock are short sold.

Institutional Investors Weigh In On Global Partners

Several institutional investors have recently added to or reduced their stakes in GLP. McMillan Office Inc. bought a new position in Global Partners in the 4th quarter worth approximately $29,000. Garton & Associates Financial Advisors LLC bought a new stake in Global Partners during the 4th quarter valued at $29,000. International Assets Investment Management LLC purchased a new stake in shares of Global Partners during the fourth quarter worth $41,000. PNC Financial Services Group Inc. purchased a new stake in shares of Global Partners during the third quarter worth $48,000. Finally, Smartleaf Asset Management LLC bought a new position in shares of Global Partners in the fourth quarter worth $85,000. 38.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on GLP shares. Weiss Ratings upgraded Global Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, May 26th. Wall Street Zen upgraded shares of Global Partners from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 13th. Finally, Zacks Research downgraded shares of Global Partners from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $46.00.

Global Partners Stock Performance

GLP traded down $0.14 during trading on Tuesday, hitting $48.59. 18,272 shares of the company traded hands, compared to its average volume of 71,302. Global Partners has a one year low of $39.58 and a one year high of $53.25. The stock's fifty day moving average is $47.75 and its 200 day moving average is $46.54. The company has a quick ratio of 0.64, a current ratio of 1.12 and a debt-to-equity ratio of 2.58. The firm has a market cap of $1.65 billion, a P/E ratio of 13.50 and a beta of 1.02.

Global Partners (NYSE:GLP - Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The energy company reported $1.85 EPS for the quarter, topping the consensus estimate of $0.33 by $1.52. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $6.98 billion. Global Partners had a net margin of 0.77% and a return on equity of 24.23%. As a group, equities analysts predict that Global Partners will post 4.71 EPS for the current fiscal year.

Global Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 11th were given a dividend of $0.765 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.06 dividend on an annualized basis and a dividend yield of 6.3%. This is a boost 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.

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