CrossAmerica Partners (NYSE:CAPL) Sets New 12-Month Low Following Weak Earnings

CrossAmerica Partners LP (NYSE:CAPL)’s stock price hit a new 52-week low during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $19.76 and last traded at $19.8150, with a volume of 68,251 shares trading hands. The stock had previously closed at $20.27.

The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.21). CrossAmerica Partners had a net margin of 1.43% and a negative return on equity of 37.73%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.02 billion.

CrossAmerica Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Monday, November 2nd will be given a dividend of $0.5250 per share. This represents a $2.10 annualized dividend and a yield of 10.6%. The ex-dividend date is Monday, November 2nd. CrossAmerica Partners’s dividend payout ratio is presently 153.28%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of CrossAmerica Partners in a research report on Tuesday, September 8th. Zacks Research cut CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Two equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Institutional Investors Weigh In On CrossAmerica Partners

A number of large investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC increased its holdings in CrossAmerica Partners by 40.0% during the 1st quarter. NewEdge Advisors LLC now owns 2,100 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 600 shares in the last quarter. NewEdge Wealth LLC lifted its holdings in shares of CrossAmerica Partners by 1.3% in the first quarter. NewEdge Wealth LLC now owns 93,975 shares of the oil and gas company’s stock valued at $1,953,000 after purchasing an additional 1,213 shares in the last quarter. Gateway Wealth Partners LLC purchased a new stake in shares of CrossAmerica Partners in the first quarter valued at about $214,000. First Trust Advisors LP lifted its holdings in shares of CrossAmerica Partners by 5.9% in the first quarter. First Trust Advisors LP now owns 190,006 shares of the oil and gas company’s stock valued at $3,948,000 after purchasing an additional 10,640 shares in the last quarter. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of CrossAmerica Partners in the third quarter valued at approximately $249,000. 24.06% of the stock is owned by institutional investors and hedge funds.

CrossAmerica Partners Price Performance

The firm’s 50-day moving average price is $22.11 and its 200 day moving average price is $22.02. The firm has a market capitalization of $755.00 million, a price-to-earnings ratio of 14.44 and a beta of 0.29.

CrossAmerica Partners Company Profile

CrossAmerica Partners LP (NYSE: CAPL) is a publicly traded master limited partnership focused on the wholesale distribution of motor fuels and the ownership or leasing of assets used in fuel retailing. The partnership supplies gasoline and diesel to independent dealers, commercial customers, and other retail operators through a network of fuel supply and distribution arrangements.

In addition to fuel distribution, CrossAmerica owns or leases convenience stores, gas stations, and related real estate.