CrossAmerica Partners (NYSE:CAPL) Announces Quarterly Earnings Results

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

CrossAmerica Partners Stock Down 0.6%

CAPL traded down $0.12 during midday trading on Wednesday, reaching $21.34. The company had a trading volume of 9,232 shares, compared to its average volume of 35,321. The business has a 50-day moving average of $22.09 and a two-hundred day moving average of $21.88. The company has a market cap of $813.88 million, a P/E ratio of 14.33 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 Announces Dividend

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

Hedge Funds Weigh In On CrossAmerica Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 purchasing an additional 27,767 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of CrossAmerica Partners by 4.8% during the 3rd quarter. Raymond James Financial Inc. now owns 298,248 shares of the oil and gas company’s stock valued at $6,272,000 after purchasing an additional 13,767 shares during the last quarter. First Trust Advisors LP raised its holdings in CrossAmerica Partners by 22.9% during the 3rd quarter. First Trust Advisors LP now owns 199,041 shares of the oil and gas company’s stock valued at $4,186,000 after buying an additional 37,093 shares during the period. LPL Financial LLC lifted its position in 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. Finally, Mariner LLC increased its position in CrossAmerica Partners by 7.5% during the third quarter. Mariner LLC now owns 107,873 shares of the oil and gas company’s stock valued at $2,269,000 after acquiring an additional 7,481 shares during the last quarter. Institutional investors own 24.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. 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. Zacks Research downgraded shares of CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Weiss Ratings raised CrossAmerica Partners from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Two 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.