Wall Street brokerages expect that Capital Product Partners L.P. (NASDAQ:CPLP) will post sales of $58.59 million for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Capital Product Partners’ earnings, with the highest sales estimate coming in at $60.95 million and the lowest estimate coming in at $56.04 million. Capital Product Partners reported sales of $64.11 million during the same quarter last year, which indicates a negative year over year growth rate of 8.6%. The business is expected to issue its next quarterly earnings results on Wednesday, January 30th.
According to Zacks, analysts expect that Capital Product Partners will report full year sales of $229.03 million for the current year, with estimates ranging from $225.10 million to $232.38 million. For the next fiscal year, analysts anticipate that the business will report sales of $237.60 million, with estimates ranging from $228.30 million to $257.72 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Capital Product Partners.
A number of analysts have recently weighed in on the stock. ValuEngine lowered shares of Capital Product Partners from a “hold” rating to a “sell” rating in a report on Tuesday. BidaskClub lowered shares of Capital Product Partners from a “sell” rating to a “strong sell” rating in a report on Friday, August 10th. Janney Montgomery Scott lowered shares of Capital Product Partners from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $4.50 to $3.50 in a report on Wednesday, August 29th. TheStreet downgraded shares of Capital Product Partners from a “c” rating to a “d+” rating in a research note on Wednesday, October 31st. Finally, Zacks Investment Research downgraded shares of Capital Product Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Capital Product Partners has an average rating of “Hold” and a consensus price target of $4.25.
A number of hedge funds have recently added to or reduced their stakes in CPLP. UBS Group AG raised its stake in Capital Product Partners by 2.6% in the first quarter. UBS Group AG now owns 727,571 shares of the shipping company’s stock worth $2,270,000 after buying an additional 18,712 shares in the last quarter. Guggenheim Capital LLC raised its stake in Capital Product Partners by 5.5% in the first quarter. Guggenheim Capital LLC now owns 797,122 shares of the shipping company’s stock worth $2,487,000 after buying an additional 41,420 shares in the last quarter. Sei Investments Co. raised its stake in Capital Product Partners by 30.5% in the second quarter. Sei Investments Co. now owns 325,579 shares of the shipping company’s stock worth $996,000 after buying an additional 76,089 shares in the last quarter. Eagle Boston Investment Management Inc. increased its stake in shares of Capital Product Partners by 7.8% during the second quarter. Eagle Boston Investment Management Inc. now owns 549,425 shares of the shipping company’s stock valued at $1,681,000 after purchasing an additional 39,980 shares in the last quarter. Finally, Goodman Financial Corp increased its stake in shares of Capital Product Partners by 12.5% during the second quarter. Goodman Financial Corp now owns 926,840 shares of the shipping company’s stock valued at $2,836,000 after purchasing an additional 102,795 shares in the last quarter. 17.92% of the stock is owned by institutional investors.
Shares of Capital Product Partners stock traded down $0.08 during trading on Wednesday, reaching $2.75. 339,755 shares of the stock were exchanged, compared to its average volume of 412,238. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.46. The firm has a market cap of $367.01 million, a P/E ratio of 11.00 and a beta of 1.08. Capital Product Partners has a 1 year low of $2.62 and a 1 year high of $3.60.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Monday, November 5th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 11.64%. The ex-dividend date is Friday, November 2nd. Capital Product Partners’s payout ratio is currently 128.00%.
Capital Product Partners Company Profile
Capital Product Partners L.P., a shipping company, provides marine transportation services in Greece. It transports a range of cargoes, including crude oil; refined oil products, such as gasoline, diesel, fuel oil and jet fuel; edible oils; chemicals, such as ethanol; and dry cargo and containerized goods under short-term voyage charters, and medium to long-term time and bareboat charters.
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