Capital Product Partners L.P. (CPLP) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Capital Product Partners L.P. (NASDAQ:CPLP) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

According to Zacks, “CAPITAL PRODUCT PARTNERS L.P. is an international shipping company and leader in the seaborne transportation of refined oil products and chemicals. Their fleet of product tankers is fully chartered under medium- to long-term time and bareboat charters. With their modern, state-of-the-art fleet and built-in growth through contracted acquisitions of additional vessels and the potential drop-down of optional vessels from the owner of their General Partner, Capital Maritime & Trading Corp., they are well-positioned to capitalize on the growth dynamics of the product tanker industry, worldwide, as well as pending regulatory changes. “

Other research analysts have also issued reports about the stock. UBS AG restated a neutral rating and issued a $4.00 target price (down from $4.50) on shares of Capital Product Partners L.P. in a report on Thursday, August 3rd. ValuEngine upgraded shares of Capital Product Partners L.P. from a hold rating to a buy rating in a report on Tuesday, October 3rd. BidaskClub lowered shares of Capital Product Partners L.P. from a hold rating to a sell rating in a report on Thursday, August 3rd. Finally, TheStreet upgraded shares of Capital Product Partners L.P. from a c rating to a b- rating in a report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $4.75.

Capital Product Partners L.P. (NASDAQ:CPLP) traded up $0.03 during trading hours on Tuesday, reaching $3.23. 813,500 shares of the company’s stock were exchanged, compared to its average volume of 527,258. The stock has a market cap of $404.66, a price-to-earnings ratio of 11.43 and a beta of 1.64. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.79 and a current ratio of 0.81. Capital Product Partners L.P. has a 52 week low of $2.80 and a 52 week high of $4.00.

Capital Product Partners L.P. (NASDAQ:CPLP) last released its earnings results on Friday, October 27th. The shipping company reported $0.05 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.05. The company had revenue of $62.68 million for the quarter, compared to analyst estimates of $59.71 million. Capital Product Partners L.P. had a net margin of 17.17% and a return on equity of 4.70%. equities analysts predict that Capital Product Partners L.P. will post 0.24 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Monday, November 13th. Stockholders of record on Friday, November 3rd were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 9.91%. The ex-dividend date was Thursday, November 2nd. Capital Product Partners L.P.’s dividend payout ratio is currently 114.29%.

Several hedge funds and other institutional investors have recently bought and sold shares of CPLP. Arrowstreet Capital Limited Partnership acquired a new position in shares of Capital Product Partners L.P. during the 2nd quarter valued at about $3,202,000. Renaissance Technologies LLC increased its stake in shares of Capital Product Partners L.P. by 307.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,117,635 shares of the shipping company’s stock valued at $3,990,000 after acquiring an additional 843,300 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Capital Product Partners L.P. by 97.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,683,908 shares of the shipping company’s stock valued at $6,012,000 after acquiring an additional 831,518 shares during the last quarter. Goodman Financial Corp acquired a new position in shares of Capital Product Partners L.P. during the 3rd quarter valued at about $2,768,000. Finally, Global X Management Co. LLC increased its stake in shares of Capital Product Partners L.P. by 22.9% during the 2nd quarter. Global X Management Co. LLC now owns 2,229,685 shares of the shipping company’s stock valued at $7,581,000 after acquiring an additional 414,798 shares during the last quarter. 18.28% of the stock is owned by institutional investors.

Capital Product Partners L.P. Company Profile

Capital Product Partners L.P. is an international owner of tanker, container and drybulk vessels. The Company’s fleet consisted of 36 high specification vessels with an average age of approximately 7.4 years, as of December 31, 2016. As of December 31, 2016, its fleet consisted of four Suezmax crude oil tankers, 21 medium range product tankers, 10 post-panamax container carrier vessels and one Capesize bulk carrier.

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