CrossAmerica Partners (NYSE:CAPL) Shares Gap Up After Dividend Announcement

Shares of CrossAmerica Partners LP (NYSE:CAPL) gapped up before the market opened on Tuesday following a dividend announcement from the company. The stock had previously closed at $22.70, but opened at $23.36. CrossAmerica Partners shares last traded at $23.34, with a volume of 14,226 shares traded.

The newly announced dividend which will be paid on Friday, May 10th. Stockholders of record on Friday, May 3rd will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 9.09%. The ex-dividend date of this dividend is Thursday, May 2nd. CrossAmerica Partners’s dividend payout ratio (DPR) is 200.00%.

Analyst Upgrades and Downgrades

Separately, TheStreet cut CrossAmerica Partners from a “b-” rating to a “c+” rating in a report on Tuesday, February 27th.

CrossAmerica Partners Stock Up 0.3 %

The stock has a market cap of $877.79 million, a price-to-earnings ratio of 22.01 and a beta of 1.53. The company has a quick ratio of 0.35, a current ratio of 0.67 and a debt-to-equity ratio of 250.71. The stock has a fifty day moving average of $22.32 and a two-hundred day moving average of $22.49.

CrossAmerica Partners (NYSE:CAPL) last issued its earnings results on Monday, February 26th. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. CrossAmerica Partners had a return on equity of 197.82% and a net margin of 0.93%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.11 billion. As a group, analysts predict that CrossAmerica Partners LP will post 0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAPL. B. Riley Wealth Advisors Inc. acquired a new position in CrossAmerica Partners in the third quarter valued at $205,000. American Financial Group Inc. raised its position in CrossAmerica Partners by 4.3% in the third quarter. American Financial Group Inc. now owns 12,000 shares of the oil and gas company’s stock valued at $260,000 after purchasing an additional 500 shares during the period. Apollon Wealth Management LLC raised its position in CrossAmerica Partners by 3.3% in the fourth quarter. Apollon Wealth Management LLC now owns 15,154 shares of the oil and gas company’s stock valued at $346,000 after purchasing an additional 489 shares during the period. Exchange Traded Concepts LLC raised its position in CrossAmerica Partners by 24.5% in the third quarter. Exchange Traded Concepts LLC now owns 21,350 shares of the oil and gas company’s stock valued at $463,000 after purchasing an additional 4,202 shares during the period. Finally, Tortoise Index Solutions LLC raised its position in CrossAmerica Partners by 12.9% in the fourth quarter. Tortoise Index Solutions LLC now owns 24,095 shares of the oil and gas company’s stock valued at $549,000 after purchasing an additional 2,745 shares during the period. Institutional investors and hedge funds own 24.06% of the company’s stock.

About CrossAmerica Partners

CrossAmerica Partners LP engages in the wholesale distribution of motor fuels, operation of convenience stores, and ownership and leasing of real estate used in the retail distribution of motor fuels in the United States. It operates in two segments, Wholesale and Retail. The Wholesale segment engages in the wholesale distribution of motor fuels to lessee dealers, independent dealers, commission agents, and company operated retail sites.