CrossAmerica Partners (NYSE:CAPL) Downgraded to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of CrossAmerica Partners (NYSE:CAPL) from a strong-buy rating to a hold rating in a research note released on Tuesday,Zacks.com reports.

Several other analysts have also issued reports on the stock. Wall Street Zen upgraded shares of CrossAmerica Partners from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Weiss Ratings upgraded shares of CrossAmerica Partners from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 2nd. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, CrossAmerica Partners currently has an average rating of “Hold”.

CrossAmerica Partners Price Performance

CAPL stock traded up $0.01 during midday trading on Tuesday, hitting $21.10. 5,506 shares of the stock traded hands, compared to its average volume of 45,427. The firm has a market cap of $804.66 million, a P/E ratio of 20.49 and a beta of 0.35. The stock’s fifty day simple moving average is $21.26 and its 200-day simple moving average is $21.17. CrossAmerica Partners has a 1-year low of $19.61 and a 1-year high of $24.53.

CrossAmerica Partners (NYSE:CAPL) last released its quarterly earnings results on Wednesday, February 25th. The oil and gas company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.05 by $0.11. CrossAmerica Partners had a net margin of 1.14% and a negative return on equity of 9.43%. The company had revenue of $2.69 billion for the quarter, compared to analyst estimates of $748.01 million. On average, research analysts predict that CrossAmerica Partners will post 0.43 earnings per share for the current year.

CrossAmerica Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Monday, May 4th will be issued a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 10.0%. The ex-dividend date is Monday, May 4th. CrossAmerica Partners’s payout ratio is presently 203.88%.

Hedge Funds Weigh In On CrossAmerica Partners

Several institutional investors and hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in CrossAmerica Partners by 4.8% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 610,616 shares of the oil and gas company’s stock valued at $12,774,000 after purchasing an additional 27,767 shares during the last quarter. Raymond James Financial Inc. increased its stake in CrossAmerica Partners by 4.8% during the 3rd quarter. Raymond James Financial Inc. now owns 298,248 shares of the oil and gas company’s stock worth $6,272,000 after buying an additional 13,767 shares during the period. First Trust Advisors LP increased its stake in CrossAmerica Partners by 22.9% during the 3rd quarter. First Trust Advisors LP now owns 199,041 shares of the oil and gas company’s stock worth $4,186,000 after buying an additional 37,093 shares during the period. Quadrant Private Wealth Management LLC increased its stake in CrossAmerica Partners by 0.5% during the 3rd quarter. Quadrant Private Wealth Management LLC now owns 166,828 shares of the oil and gas company’s stock worth $3,508,000 after buying an additional 837 shares during the period. Finally, LPL Financial LLC increased its stake in CrossAmerica Partners by 5.8% during the 4th quarter. LPL Financial LLC now owns 119,713 shares of the oil and gas company’s stock worth $2,466,000 after buying an additional 6,614 shares during the period. 24.06% of the stock is currently owned by institutional investors and hedge funds.

About CrossAmerica Partners

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.