CrossAmerica Partners (NYSE:CAPL) Sets New 12-Month Low Following Weak Earnings

CrossAmerica Partners LP (NYSE:CAPL)’s stock price hit a new 52-week low on Thursday following a weaker than expected earnings announcement. The stock traded as low as $19.76 and last traded at $19.8150, with a volume of 68,251 shares trading hands. The stock had previously closed at $20.27.

The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.21). CrossAmerica Partners had a net margin of 1.43% and a negative return on equity of 37.73%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.02 billion.

CrossAmerica Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Monday, November 2nd will be issued a dividend of $0.5250 per share. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $2.10 annualized dividend and a dividend yield of 10.6%. CrossAmerica Partners’s dividend payout ratio (DPR) is presently 153.28%.

Analyst Ratings Changes

CAPL has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CrossAmerica Partners in a research report on Tuesday, September 8th. Zacks Research cut shares of CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Two analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, CrossAmerica Partners has an average rating of “Hold”.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC lifted its holdings in shares of CrossAmerica Partners by 40.0% in the 1st quarter. NewEdge Advisors LLC now owns 2,100 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 600 shares during the period. Gateway Wealth Partners LLC acquired a new position in CrossAmerica Partners during the first quarter worth $214,000. Commonwealth Equity Services LLC acquired a new position in CrossAmerica Partners during the third quarter worth $249,000. Sei Investments Co. acquired a new position in CrossAmerica Partners during the first quarter worth $278,000. Finally, NewEdge Wealth LLC raised its position in CrossAmerica Partners by 1.3% in the first 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 in the last quarter. 24.06% of the stock is currently owned by institutional investors and hedge funds.

CrossAmerica Partners Price Performance

The company has a 50-day simple moving average of $22.11 and a 200-day simple moving average of $22.02. The stock has a market cap of $755.00 million, a PE ratio of 14.44 and a beta of 0.29.

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.