CrossAmerica Partners (NYSE:CAPL) Shares Gap Down – Time to Sell?

CrossAmerica Partners LP (NYSE:CAPL) shares gapped down before the market opened on Tuesday. The stock had previously closed at $22.51, but opened at $21.18. CrossAmerica Partners shares last traded at $21.1760, with a volume of 3,221 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of CrossAmerica Partners in a report on Tuesday, September 8th. Zacks Research lowered shares of CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. Two equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat, CrossAmerica Partners presently has a consensus rating of “Hold”.

CrossAmerica Partners Trading Up 0.4%

The firm’s 50 day simple moving average is $22.21 and its 200-day simple moving average is $22.02. The company has a market capitalization of $808.97 million, a price-to-earnings ratio of 15.46 and a beta of 0.34.

CrossAmerica Partners (NYSE:CAPL) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.12. CrossAmerica Partners had a negative return on equity of 37.73% and a net margin of 1.43%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $731.45 million. As a group, sell-side analysts forecast that CrossAmerica Partners LP will post 1.23 EPS for the current fiscal year.

CrossAmerica Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Stockholders of record on Monday, November 2nd will be given a $0.5250 dividend. This represents a $2.10 annualized dividend and a dividend yield of 9.9%. The ex-dividend date is Monday, November 2nd. CrossAmerica Partners’s dividend payout ratio is currently 153.28%.

Institutional Trading of CrossAmerica Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC raised its stake in 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 purchasing an additional 600 shares during the last quarter. Gateway Wealth Partners LLC purchased a new position in CrossAmerica Partners in the 1st quarter valued at about $214,000. Commonwealth Equity Services LLC purchased a new position in CrossAmerica Partners in the 3rd quarter valued at about $249,000. Sei Investments Co. purchased a new position in CrossAmerica Partners in the 1st quarter valued at about $278,000. Finally, NewEdge Wealth LLC boosted its stake in shares of CrossAmerica Partners by 1.3% during the 1st quarter. NewEdge Wealth LLC now owns 93,975 shares of the oil and gas company’s stock worth $1,953,000 after purchasing an additional 1,213 shares during the last quarter. Hedge funds and other institutional investors own 24.06% of the company’s stock.

About CrossAmerica Partners

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.