CrossAmerica Partners (NYSE:CAPL) Shares Gap Up – Still a Buy?

Shares of CrossAmerica Partners LP (NYSE:CAPL) gapped up before the market opened on Friday . The stock had previously closed at $21.78, but opened at $22.46. CrossAmerica Partners shares last traded at $22.38, with a volume of 646 shares changing hands.

Analysts Set New Price Targets

Several research firms have recently issued reports on CAPL. Weiss Ratings raised shares of CrossAmerica Partners from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Zacks Research raised shares of CrossAmerica Partners from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 27th. Finally, Wall Street Zen upgraded CrossAmerica Partners from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, CrossAmerica Partners has an average rating of “Buy”.

CrossAmerica Partners Stock Up 0.1%

The company has a market capitalization of $853.35 million, a price-to-earnings ratio of 15.02 and a beta of 0.29. The firm has a 50 day moving average price of $21.88 and a two-hundred day moving average price of $21.60.

CrossAmerica Partners (NYSE:CAPL) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.26 EPS for the quarter, topping the consensus estimate of ($0.16) by $0.42. CrossAmerica Partners had a negative return on equity of 22.21% and a net margin of 1.64%.The business had revenue of $841.83 million for the quarter, compared to analysts’ expectations of $697.31 million. Analysts predict that CrossAmerica Partners LP will post 0.93 earnings per share for the current year.

CrossAmerica Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 4th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 9.4%. The ex-dividend date was Monday, May 4th. CrossAmerica Partners’s dividend payout ratio is 140.94%.

Institutional Trading of CrossAmerica Partners

Institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 valued at $12,774,000 after acquiring an additional 27,767 shares during the last quarter. Raymond James Financial Inc. grew its stake in CrossAmerica Partners by 4.8% in the third quarter. Raymond James Financial Inc. now owns 298,248 shares of the oil and gas company’s stock worth $6,272,000 after purchasing an additional 13,767 shares in the last quarter. First Trust Advisors LP grew its stake in CrossAmerica Partners by 22.9% in the third quarter. First Trust Advisors LP now owns 199,041 shares of the oil and gas company’s stock worth $4,186,000 after purchasing an additional 37,093 shares in the last quarter. LPL Financial LLC increased its holdings in CrossAmerica Partners by 5.8% in the fourth quarter. LPL Financial LLC now owns 119,713 shares of the oil and gas company’s stock valued at $2,466,000 after buying an additional 6,614 shares during the last quarter. Finally, Mariner LLC raised its stake in CrossAmerica Partners by 7.5% during the third quarter. Mariner LLC now owns 107,873 shares of the oil and gas company’s stock valued at $2,269,000 after buying an additional 7,481 shares in the last quarter. 24.06% of the stock is owned by institutional investors and hedge funds.

About CrossAmerica Partners

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.