CrossAmerica Partners (NYSE:CAPL) Shares Gap Up – Time to Buy?

CrossAmerica Partners LP (NYSE:CAPL) shares gapped up prior to trading on Friday . The stock had previously closed at $21.78, but opened at $22.46. CrossAmerica Partners shares last traded at $22.38, with a volume of 646 shares.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Weiss Ratings raised CrossAmerica Partners from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Zacks Research raised shares of CrossAmerica Partners from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 27th. Finally, Wall Street Zen upgraded shares of CrossAmerica Partners from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, CrossAmerica Partners has a consensus rating of “Buy”.

CrossAmerica Partners Price Performance

The company has a market cap of $853.35 million, a price-to-earnings ratio of 15.02 and a beta of 0.29. The firm’s fifty day moving average price is $21.88 and its 200-day moving average price is $21.60.

CrossAmerica Partners (NYSE:CAPL) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.42. The business had revenue of $841.83 million for the quarter, compared to analysts’ expectations of $697.31 million. CrossAmerica Partners had a net margin of 1.64% and a negative return on equity of 22.21%. As a group, equities analysts forecast that CrossAmerica Partners LP will post 0.93 earnings per share for the current fiscal year.

CrossAmerica Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 4th were issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 9.4%. The ex-dividend date of this dividend was Monday, May 4th. CrossAmerica Partners’s payout ratio is 140.94%.

Hedge Funds Weigh In On CrossAmerica Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC grew its holdings in CrossAmerica Partners by 40.0% in the 1st quarter. NewEdge Advisors LLC now owns 2,100 shares of the oil and gas company’s stock worth $44,000 after buying an additional 600 shares in the last quarter. CWM LLC raised its stake in CrossAmerica Partners by 35.5% during the 4th quarter. CWM LLC now owns 3,387 shares of the oil and gas company’s stock valued at $70,000 after acquiring an additional 887 shares in the last quarter. North Star Investment Management Corp. acquired a new position in CrossAmerica Partners during the 1st quarter worth $105,000. Wells Fargo & Company MN boosted its position in CrossAmerica Partners by 43.3% during 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. Finally, Royal Bank of Canada grew its stake in shares of 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 worth $153,000 after purchasing an additional 2,422 shares in 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.