CrossAmerica Partners (NYSE:CAPL) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of CrossAmerica Partners (NYSE:CAPL) from a hold rating to a strong-buy rating in a research report released on Wednesday morning,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Weiss Ratings raised shares of CrossAmerica Partners from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 2nd. Wall Street Zen raised shares of CrossAmerica Partners from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, CrossAmerica Partners presently has an average rating of “Buy”.

CrossAmerica Partners Price Performance

Shares of NYSE CAPL opened at $22.01 on Wednesday. The firm has a fifty day moving average price of $21.61 and a 200-day moving average price of $21.42. The stock has a market cap of $839.05 million, a PE ratio of 14.77 and a beta of 0.29. CrossAmerica Partners has a 1 year low of $19.61 and a 1 year high of $23.34.

CrossAmerica Partners (NYSE:CAPL) last announced its quarterly earnings data on Wednesday, May 6th. 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. The firm had revenue of $841.83 million during 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%. On average, research analysts expect that CrossAmerica Partners will post 0.93 EPS for the current year.

CrossAmerica Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 4th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 9.5%. The ex-dividend date of this dividend was Monday, May 4th. CrossAmerica Partners’s dividend payout ratio (DPR) is presently 140.94%.

Hedge Funds Weigh In On CrossAmerica Partners

Several institutional investors have recently bought and sold shares of CAPL. Goldman Sachs Group Inc. grew its stake in CrossAmerica Partners by 3.7% during the first quarter. Goldman Sachs Group Inc. now owns 39,040 shares of the oil and gas company’s stock valued at $959,000 after acquiring an additional 1,375 shares in the last quarter. Acadian Asset Management LLC purchased a new position in CrossAmerica Partners during the first quarter valued at $535,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in CrossAmerica Partners by 4.8% during the second 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 acquiring an additional 27,767 shares in the last quarter. Osaic Holdings Inc. grew its stake in CrossAmerica Partners by 36.3% during the second quarter. Osaic Holdings Inc. now owns 14,301 shares of the oil and gas company’s stock valued at $299,000 after acquiring an additional 3,812 shares in the last quarter. Finally, Truist Financial Corp purchased a new position in CrossAmerica Partners during the third quarter valued at $305,000. 24.06% of the stock is owned by hedge funds and other institutional investors.

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.