CrossAmerica Partners (NYSE:CAPL) Announces Earnings Results

CrossAmerica Partners (NYSE:CAPL) posted its quarterly earnings results on Wednesday. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.42, FiscalAI reports. CrossAmerica Partners had a net margin of 1.64% and a negative return on equity of 22.21%. The business had revenue of $841.83 million during the quarter, compared to analysts’ expectations of $697.31 million.

CrossAmerica Partners Trading Up 1.8%

Shares of CAPL stock traded up $0.39 during trading hours on Friday, hitting $21.71. The company’s stock had a trading volume of 39,859 shares, compared to its average volume of 41,142. The stock has a market cap of $827.80 million, a PE ratio of 14.57 and a beta of 0.29. CrossAmerica Partners has a 12-month low of $19.61 and a 12-month high of $23.62. The company has a 50 day moving average of $21.24 and a 200 day moving average of $21.20.

CrossAmerica Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 14th. Stockholders of record on Monday, May 4th will be issued a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 9.7%. The ex-dividend date of this dividend is Monday, May 4th. CrossAmerica Partners’s dividend payout ratio is 140.94%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CAPL. Wall Street Zen raised CrossAmerica Partners from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Zacks Research cut CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings upgraded CrossAmerica Partners from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 2nd. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CAPL. Royal Bank of Canada boosted its holdings in CrossAmerica Partners by 48.7% in the fourth quarter. Royal Bank of Canada now owns 7,394 shares of the oil and gas company’s stock valued at $153,000 after purchasing an additional 2,422 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of CrossAmerica Partners during the 1st quarter valued at about $535,000. Goldman Sachs Group Inc. lifted its holdings in shares of CrossAmerica Partners by 3.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 39,040 shares of the oil and gas company’s stock valued at $959,000 after buying an additional 1,375 shares during the period. Mariner LLC boosted its stake in shares of CrossAmerica Partners by 7.5% in the third quarter. Mariner LLC now owns 107,873 shares of the oil and gas company’s stock worth $2,269,000 after buying an additional 7,481 shares during the last quarter. Finally, LPL Financial LLC boosted its stake in shares of CrossAmerica Partners by 5.8% in the fourth 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 last quarter. 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.