Traders Buy Large Volume of Put Options on Global Partners (GLP)

Global Partners LP (NYSE:GLP) was the target of some unusual options trading activity on Monday. Stock investors acquired 1,059 put options on the company. This represents an increase of 872% compared to the average volume of 109 put options.

Shares of Global Partners (NYSE:GLP) opened at $16.55 on Thursday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.52 and a quick ratio of 0.93. Global Partners has a 1 year low of $15.60 and a 1 year high of $21.95. The company has a market cap of $555.83, a PE ratio of 36.20 and a beta of 1.09.

Global Partners (NYSE:GLP) last issued its quarterly earnings results on Wednesday, November 8th. The energy company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.25 by $0.19. Global Partners had a negative net margin of 0.28% and a positive return on equity of 3.95%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the previous year, the business earned ($3.54) earnings per share. Global Partners’s revenue for the quarter was up 6.4% compared to the same quarter last year. equities analysts anticipate that Global Partners will post 1.27 EPS for the current year.

A number of equities research analysts recently weighed in on GLP shares. Zacks Investment Research upgraded shares of Global Partners from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Tuesday, October 17th. TheStreet upgraded shares of Global Partners from a “d+” rating to a “c” rating in a research note on Thursday, November 30th. J P Morgan Chase & Co restated a “neutral” rating on shares of Global Partners in a research note on Tuesday, November 21st. Finally, BidaskClub upgraded shares of Global Partners from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Global Partners currently has a consensus rating of “Hold” and a consensus target price of $19.00.

A number of institutional investors have recently modified their holdings of GLP. Goldman Sachs Group Inc. raised its position in Global Partners by 20.2% in the second quarter. Goldman Sachs Group Inc. now owns 951,845 shares of the energy company’s stock worth $17,181,000 after acquiring an additional 159,895 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its position in Global Partners by 6.1% in the third quarter. Kayne Anderson Capital Advisors LP now owns 1,931,015 shares of the energy company’s stock worth $33,589,000 after acquiring an additional 110,792 shares in the last quarter. GSA Capital Partners LLP raised its position in Global Partners by 267.8% in the second quarter. GSA Capital Partners LLP now owns 48,556 shares of the energy company’s stock worth $876,000 after acquiring an additional 35,356 shares in the last quarter. HITE Hedge Asset Management LLC raised its position in Global Partners by 5.2% in the second quarter. HITE Hedge Asset Management LLC now owns 653,220 shares of the energy company’s stock worth $11,791,000 after acquiring an additional 32,000 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in Global Partners in the second quarter worth about $451,000. Hedge funds and other institutional investors own 39.92% of the company’s stock.

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About Global Partners

Global Partners LP is a midstream logistics and marketing company. It is engaged in the purchasing, selling, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane.

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