CrossAmerica Partners LP (CAPL) Announces Earnings Results
CrossAmerica Partners LP (NYSE:CAPL) issued its earnings results on Monday. The oil and gas company reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by $0.01, Morningstar.com reports. The firm had revenue of $528.79 million for the quarter, compared to the consensus estimate of $596.92 million. CrossAmerica Partners had a net margin of 0.44% and a return on equity of 3.91%.
Shares of CrossAmerica Partners (NYSE:CAPL) traded down 2.49% on Tuesday, hitting $25.47. The stock had a trading volume of 41,573 shares. CrossAmerica Partners has a 12-month low of $23.01 and a 12-month high of $29.80. The stock has a 50 day moving average of $26.17 and a 200 day moving average of $25.67. The firm has a market cap of $859.00 million, a price-to-earnings ratio of 121.87 and a beta of 1.34.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, August 7th will be issued a $0.6225 dividend. The ex-dividend date is Thursday, August 3rd. This is an increase from CrossAmerica Partners’s previous quarterly dividend of $0.51. This represents a $2.49 dividend on an annualized basis and a dividend yield of 9.53%. CrossAmerica Partners’s dividend payout ratio (DPR) is currently 1,245.06%.
A number of equities research analysts have weighed in on CAPL shares. Zacks Investment Research raised CrossAmerica Partners from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Thursday, May 11th. BidaskClub upgraded CrossAmerica Partners from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Royal Bank Of Canada reiterated a “hold” rating and issued a $27.00 price target on shares of CrossAmerica Partners in a report on Thursday, April 13th. Bank of America Corporation downgraded CrossAmerica Partners from a “buy” rating to a “neutral” rating and lifted their price target for the company from $28.00 to $30.00 in a report on Wednesday, July 26th. Finally, Raymond James Financial, Inc. lifted their price target on CrossAmerica Partners from $28.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $30.00.
Hedge funds and other institutional investors have recently bought and sold shares of the company. OppenheimerFunds Inc. boosted its position in CrossAmerica Partners by 11.3% in the first quarter. OppenheimerFunds Inc. now owns 3,036,037 shares of the oil and gas company’s stock valued at $79,483,000 after buying an additional 307,680 shares during the period. Welch Capital Partners LLC NY boosted its position in CrossAmerica Partners by 67.5% in the second quarter. Welch Capital Partners LLC NY now owns 99,871 shares of the oil and gas company’s stock valued at $2,547,000 after buying an additional 40,246 shares during the period. Global X Management Co. LLC boosted its position in CrossAmerica Partners by 5.5% in the second quarter. Global X Management Co. LLC now owns 298,352 shares of the oil and gas company’s stock valued at $7,608,000 after buying an additional 15,577 shares during the period. Janney Montgomery Scott LLC boosted its position in CrossAmerica Partners by 21.3% in the first quarter. Janney Montgomery Scott LLC now owns 59,521 shares of the oil and gas company’s stock valued at $1,558,000 after buying an additional 10,471 shares during the period. Finally, Ameriprise Financial Inc. purchased a new position in CrossAmerica Partners during the first quarter valued at approximately $265,000. Hedge funds and other institutional investors own 37.19% of the company’s stock.
About CrossAmerica Partners
CrossAmerica Partners LP is a limited partnership engaged in the wholesale distribution of motor fuel, and the ownership and leasing of real estate used in the retail distribution of motor fuel. The Company operates in two segments: wholesale and retail. The wholesale segment is engaged in the wholesale distribution of motor fuel to lessee dealers, independent dealers, commission agents, Dunne Manning Stores LLC (DMS), CST Brands, Inc and subsidiaries (CST) and company operated retail sites.
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