CrossAmerica Partners (NYSE:CAPL) Releases Earnings Results, Beats Estimates By $0.14 EPS

CrossAmerica Partners (NYSE:CAPL) issued its quarterly earnings data on Wednesday. The oil and gas company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.14, FiscalAI reports. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $731.45 million. CrossAmerica Partners had a net margin of 1.64% and a negative return on equity of 22.21%.

CrossAmerica Partners Stock Down 0.6%

NYSE CAPL traded down $0.12 during midday trading on Wednesday, hitting $21.34. The company had a trading volume of 9,232 shares, compared to its average volume of 35,321. The stock has a market cap of $813.88 million, a price-to-earnings ratio of 14.33 and a beta of 0.29. The firm has a fifty day simple moving average of $22.09 and a two-hundred day simple moving average of $21.88. CrossAmerica Partners has a fifty-two week low of $19.61 and a fifty-two week high of $23.34.

CrossAmerica Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 3rd will be issued a $0.525 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $2.10 dividend on an annualized basis and a yield of 9.8%. CrossAmerica Partners’s dividend payout ratio is 140.94%.

Institutional Investors Weigh In On CrossAmerica Partners

Institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its position in shares of CrossAmerica Partners by 43.3% in the 4th quarter. Wells Fargo & Company MN now owns 6,190 shares of the oil and gas company’s stock worth $128,000 after acquiring an additional 1,869 shares during the period. Royal Bank of Canada increased its position in shares of CrossAmerica Partners by 48.7% during 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 period. Osaic Holdings Inc. raised its stake in shares of CrossAmerica Partners by 36.3% in the second quarter. Osaic Holdings Inc. now owns 14,301 shares of the oil and gas company’s stock valued at $299,000 after purchasing an additional 3,812 shares in the last quarter. Citadel Advisors LLC raised its stake in shares of CrossAmerica Partners by 19.1% in the third quarter. Citadel Advisors LLC now owns 15,467 shares of the oil and gas company’s stock valued at $325,000 after purchasing an additional 2,477 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in CrossAmerica Partners in the first quarter worth $535,000. 24.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CAPL has been the subject of a number of research analyst reports. Wall Street Zen raised shares of CrossAmerica Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Zacks Research downgraded CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings upgraded CrossAmerica Partners from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, CrossAmerica Partners has an average rating of “Hold”.

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.