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

Global Partners LP (NYSE:GLP) was the recipient of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 70,700 shares, a drop of 47.5% from the May 30th total of 134,700 shares. Based on an average daily volume of 80,000 shares, the days-to-cover ratio is currently 0.9 days. Approximately 0.3% of the company’s stock are short sold.

Shares of GLP traded down $0.03 during midday trading on Friday, hitting $20.09. The stock had a trading volume of 98,672 shares, compared to its average volume of 72,465. The firm has a 50 day moving average of $20.21. Global Partners has a twelve month low of $13.63 and a twelve month high of $21.62. The firm has a market capitalization of $683.99 million, a price-to-earnings ratio of 11.61 and a beta of 0.85. The company has a current ratio of 1.29, a quick ratio of 0.70 and a debt-to-equity ratio of 3.53.

Global Partners (NYSE:GLP) last released its quarterly earnings results on Thursday, May 9th. The energy company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.04. Global Partners had a return on equity of 12.35% and a net margin of 0.40%. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.08 billion. On average, sell-side analysts predict that Global Partners will post 0.44 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Albert D Mason Inc. increased its position in shares of Global Partners by 45.3% in the first quarter. Albert D Mason Inc. now owns 49,915 shares of the energy company’s stock valued at $981,000 after acquiring an additional 15,555 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Global Partners by 11.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 20,090 shares of the energy company’s stock valued at $327,000 after acquiring an additional 2,018 shares during the last quarter. Raymond James & Associates increased its position in shares of Global Partners by 4.3% in the fourth quarter. Raymond James & Associates now owns 13,285 shares of the energy company’s stock valued at $217,000 after acquiring an additional 550 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new stake in shares of Global Partners in the first quarter valued at about $215,000. Finally, OppenheimerFunds Inc. increased its position in shares of Global Partners by 9.7% in the first quarter. OppenheimerFunds Inc. now owns 5,416,435 shares of the energy company’s stock valued at $106,487,000 after acquiring an additional 480,508 shares during the last quarter. 39.49% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have issued reports on the company. Barclays set a €45.00 ($52.33) price target on Zalando and gave the company a “buy” rating in a research note on Tuesday, April 16th. ValuEngine raised Zuora from a “hold” rating to a “buy” rating in a research note on Saturday, July 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $19.75.

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.

Further Reading: Momentum Indicators

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