CrossAmerica Partners LP (NYSE:CAPL) Declares Quarterly Dividend of $0.53

CrossAmerica Partners LP (NYSE:CAPL) declared a quarterly dividend on Tuesday, July 21st. Investors of record on Monday, August 3rd will be paid a dividend of 0.525 per share by the oil and gas company on Thursday, August 13th. This represents a c) dividend on an annualized basis and a yield of 9.6%. The ex-dividend date of this dividend is Monday, August 3rd.

CrossAmerica Partners has a dividend payout ratio of 411.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect CrossAmerica Partners to earn $0.85 per share next year, which means the company may not be able to cover its $2.10 annual dividend with an expected future payout ratio of 247.1%.

CrossAmerica Partners Stock Performance

NYSE:CAPL opened at $21.84 on Wednesday. CrossAmerica Partners has a 52-week low of $19.61 and a 52-week high of $23.34. The company has a market cap of $832.76 million, a price-to-earnings ratio of 14.66 and a beta of 0.29. The firm’s 50-day moving average is $22.31 and its 200-day moving average is $21.82.

CrossAmerica Partners (NYSE:CAPL) last announced its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.42. The company had revenue of $841.83 million during the quarter, compared to the consensus estimate of $697.31 million. CrossAmerica Partners had a negative return on equity of 22.21% and a net margin of 1.64%. Equities analysts predict that CrossAmerica Partners will post 0.93 EPS for the current year.

Institutional Investors Weigh In On CrossAmerica Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC lifted its position in shares of CrossAmerica Partners by 40.0% in the first quarter. NewEdge Advisors LLC now owns 2,100 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 600 shares in the last quarter. CWM LLC lifted its position in shares of CrossAmerica Partners by 35.5% in the fourth quarter. CWM LLC now owns 3,387 shares of the oil and gas company’s stock valued at $70,000 after buying an additional 887 shares during the last quarter. NewEdge Wealth LLC boosted its position in CrossAmerica Partners by 1.3% during the first quarter. NewEdge Wealth LLC now owns 93,975 shares of the oil and gas company’s stock worth $1,953,000 after purchasing an additional 1,213 shares during the period. Sanctuary Advisors LLC grew its stake in CrossAmerica Partners by 7.5% in the 4th quarter. Sanctuary Advisors LLC now owns 17,821 shares of the oil and gas company’s stock valued at $367,000 after buying an additional 1,250 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of CrossAmerica Partners by 3.7% during the first quarter. Goldman Sachs Group Inc. now owns 39,040 shares of the oil and gas company’s stock worth $959,000 after acquiring an additional 1,375 shares during the period. 24.06% of the stock is currently owned by institutional investors and hedge funds.

CrossAmerica Partners Company Profile

CrossAmerica Partners LP (NYSE:CAPL) is a publicly traded master limited partnership engaged in the wholesale distribution of motor fuels across the United States. The company procures, transports and stores refined petroleum products including gasoline, diesel fuel, kerosene, heating oil and select renewable fuel blends. Through its integrated network of pipelines, terminals and truck fleets, CrossAmerica Partners supplies fuel to a broad base of customers, including convenience stores, supermarket chains, travel centers and independent marketers.

Formed in 2014 as a spin-off of Sunoco’s wholesale fuel business, CrossAmerica Partners acquired refined petroleum distribution assets and entered into long-term supply agreements designed to deliver stable, fee-based revenues.