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

Global Partners LP (NYSE:GLP) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 715,000 shares, a decline of 5.2% from the October 31st total of 754,600 shares. Approximately 2.4% of the company’s stock are sold short. Based on an average daily volume of 62,900 shares, the days-to-cover ratio is presently 11.4 days.

Analysts Set New Price Targets

Separately, Stifel Nicolaus boosted their target price on Global Partners from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th.

Global Partners Stock Down 0.5 %

GLP opened at $56.57 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.64 and a debt-to-equity ratio of 2.41. Global Partners has a 1-year low of $36.16 and a 1-year high of $56.85. The stock has a market cap of $1.92 billion, a PE ratio of 17.09 and a beta of 1.43. The stock’s fifty day simple moving average is $48.97 and its 200 day simple moving average is $45.54.

Global Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 8th were given a $0.73 dividend. The ex-dividend date of this dividend was Friday, November 8th. This is an increase from Global Partners’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a yield of 5.16%. Global Partners’s dividend payout ratio (DPR) is currently 88.22%.

Insider Activity at Global Partners

In other news, insider Global Gp Llc bought 5,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were purchased at an average price of $42.84 per share, for a total transaction of $214,200.00. Following the purchase, the insider now owns 253,981 shares of the company’s stock, valued at approximately $10,880,546.04. The trade was a 2.01 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders acquired 22,026 shares of company stock worth $956,390. 41.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Global Partners

Several large investors have recently bought and sold shares of the company. Stifel Financial Corp raised its position in Global Partners by 7.3% in the third quarter. Stifel Financial Corp now owns 31,750 shares of the energy company’s stock valued at $1,478,000 after purchasing an additional 2,166 shares during the last quarter. Infrastructure Capital Advisors LLC raised its position in shares of Global Partners by 57.7% during the third quarter. Infrastructure Capital Advisors LLC now owns 141,147 shares of the energy company’s stock worth $6,572,000 after acquiring an additional 51,630 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Global Partners during the third quarter worth about $93,000. Fiducient Advisors LLC bought a new position in shares of Global Partners during the third quarter worth about $474,000. Finally, Stratos Wealth Advisors LLC bought a new position in shares of Global Partners during the third quarter worth about $225,000. 38.12% of the stock is currently owned by institutional investors.

About Global Partners

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.