CrossAmerica Partners LP (NYSE:CAPL) Declares Quarterly Dividend of $0.53

CrossAmerica Partners LP (NYSE:CAPL) announced a quarterly dividend on Wednesday, October 21st. Stockholders of record on Monday, November 2nd will be paid a dividend of $0.5250 per share by the oil and gas company on Thursday, November 12th. This represents a $2.10 annualized dividend and a dividend yield of 9.6%. The ex-dividend date of this dividend is Monday, November 2nd.

CrossAmerica Partners has a payout ratio of 411.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect CrossAmerica Partners to earn $1.15 per share next year, which means the company may not be able to cover its $2.10 annual dividend with an expected future payout ratio of 182.6%.

CrossAmerica Partners Stock Performance

Shares of CrossAmerica Partners stock traded down $0.02 during trading on Thursday, reaching $21.88. The company’s stock had a trading volume of 6,505 shares, compared to its average volume of 42,373. The business’s fifty day moving average price is $22.43 and its 200-day moving average price is $22.10. The firm has a market cap of $835.23 million, a price-to-earnings ratio of 15.97 and a beta of 0.34. CrossAmerica Partners has a one year low of $19.78 and a one year high of $24.63.

CrossAmerica Partners (NYSE:CAPL) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.12. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $731.45 million. CrossAmerica Partners had a negative return on equity of 37.73% and a net margin of 1.43%. Sell-side analysts anticipate that CrossAmerica Partners will post 1.23 EPS for the current year.

Institutional Investors Weigh In On CrossAmerica Partners

A number of institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP increased its stake in CrossAmerica Partners by 5.9% during the first quarter. First Trust Advisors LP now owns 190,006 shares of the oil and gas company’s stock valued at $3,948,000 after acquiring an additional 10,640 shares during the period. NewEdge Wealth LLC lifted its position in shares of CrossAmerica Partners by 1.3% in the 1st quarter. NewEdge Wealth LLC now owns 93,975 shares of the oil and gas company’s stock worth $1,953,000 after acquiring an additional 1,213 shares during the period. Sei Investments Co. bought a new stake in shares of CrossAmerica Partners in the 1st quarter worth approximately $278,000. Gateway Wealth Partners LLC acquired a new stake in shares of CrossAmerica Partners during the 1st quarter worth approximately $214,000. Finally, North Star Investment Management Corp. acquired a new stake in shares of CrossAmerica Partners during the 1st quarter worth approximately $105,000. 24.06% of the stock is owned by institutional investors and hedge funds.

CrossAmerica Partners Company Profile

CrossAmerica Partners LP (NYSE: CAPL) is a publicly traded master limited partnership focused on the wholesale distribution of motor fuels and the ownership or leasing of assets used in fuel retailing. The partnership supplies gasoline and diesel to independent dealers, commercial customers, and other retail operators through a network of fuel supply and distribution arrangements.

In addition to fuel distribution, CrossAmerica owns or leases convenience stores, gas stations, and related real estate.