Capital Product Partners (NASDAQ:CPLP) Upgraded to Hold by Zacks Investment Research


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Capital Product Partners (NASDAQ:CPLP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “CAPITAL PRODUCT PARTNERS L.P. is an international shipping company and leader in the seaborne transportation of refined oil products and chemicals. Their fleet of product tankers is fully chartered under medium- to long-term time and bareboat charters. With their modern, state-of-the-art fleet and built-in growth through contracted acquisitions of additional vessels and the potential drop-down of optional vessels from the owner of their General Partner, Capital Maritime & Trading Corp., they are well-positioned to capitalize on the growth dynamics of the product tanker industry, worldwide, as well as pending regulatory changes. “

CPLP has been the subject of a number of other research reports. B. Riley upped their target price on Capital Product Partners from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday. Jefferies Financial Group upgraded Capital Product Partners from a “hold” rating to a “buy” rating and increased their price objective for the stock from $8.50 to $16.00 in a report on Wednesday, April 28th.

Shares of Capital Product Partners stock traded down $0.28 during midday trading on Tuesday, reaching $12.99. 59,863 shares of the company’s stock traded hands, compared to its average volume of 114,259. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.77 and a current ratio of 0.82. The company has a market cap of $240.65 million, a PE ratio of 8.55 and a beta of 1.10. The stock has a 50 day moving average of $11.39 and a 200-day moving average of $9.31. Capital Product Partners has a 12 month low of $5.48 and a 12 month high of $13.50.

Capital Product Partners (NASDAQ:CPLP) last announced its earnings results on Thursday, April 29th. The shipping company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.14. Capital Product Partners had a return on equity of 6.97% and a net margin of 21.29%. On average, equities analysts anticipate that Capital Product Partners will post 1.71 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Morgan Stanley raised its holdings in Capital Product Partners by 2.3% in the third quarter. Morgan Stanley now owns 397,030 shares of the shipping company’s stock worth $2,620,000 after purchasing an additional 9,011 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Capital Product Partners in the fourth quarter worth $306,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Capital Product Partners in the first quarter worth $248,000. Creative Planning purchased a new stake in shares of Capital Product Partners in the fourth quarter worth $178,000. Finally, Vanguard Capital Wealth Advisors purchased a new stake in shares of Capital Product Partners in the fourth quarter worth $145,000. Institutional investors and hedge funds own 17.31% of the company’s stock.

About Capital Product Partners

Capital Product Partners L.P., a shipping company, provides marine transportation services in Greece. Its vessels transports a range of dry cargoes and containerized goods under short-term voyage charters, and medium to long-term time and bareboat charters. As of March 05, 2020, the company owned 14 vessels, including 13 Neo-Panamax container vessels and one capesize bulk carrier.

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