CrossAmerica Partners (NYSE:CAPL) Releases Quarterly Earnings Results, Beats Estimates By $0.42 EPS

CrossAmerica Partners (NYSE:CAPL) released its earnings results on Wednesday. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.42, FiscalAI reports. CrossAmerica Partners had a net margin of 1.64% and a negative return on equity of 22.21%. The business had revenue of $841.83 million for the quarter, compared to analysts’ expectations of $697.31 million.

CrossAmerica Partners Trading Up 1.8%

Shares of CrossAmerica Partners stock traded up $0.39 on Friday, reaching $21.71. 39,859 shares of the company were exchanged, compared to its average volume of 41,142. The stock has a fifty day moving average price of $21.24 and a 200-day moving average price of $21.20. The firm has a market capitalization of $827.80 million, a price-to-earnings ratio of 14.57 and a beta of 0.29. CrossAmerica Partners has a fifty-two week low of $19.61 and a fifty-two week high of $23.62.

CrossAmerica Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 14th. Investors of record on Monday, May 4th will be issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 9.7%. The ex-dividend date is Monday, May 4th. CrossAmerica Partners’s payout ratio is presently 140.94%.

Analysts Set New Price Targets

CAPL has been the subject of a number of research reports. Weiss Ratings upgraded 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 “hold” rating to a “buy” rating in a report on Saturday, February 28th. Finally, Zacks Research lowered CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CAPL. Goldman Sachs Group Inc. raised its holdings in shares of 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 during the period. Acadian Asset Management LLC acquired a new position in CrossAmerica Partners in the 1st quarter worth approximately $535,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in CrossAmerica Partners by 4.8% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 610,616 shares of the oil and gas company’s stock worth $12,774,000 after purchasing an additional 27,767 shares in the last quarter. Osaic Holdings Inc. grew its position in CrossAmerica Partners by 36.3% during the 2nd quarter. Osaic Holdings Inc. now owns 14,301 shares of the oil and gas company’s stock worth $299,000 after purchasing an additional 3,812 shares in the last quarter. Finally, First Trust Advisors LP raised its stake 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 purchasing an additional 37,093 shares during the period. 24.06% of the stock is owned by hedge funds and other institutional investors.

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.