CrossAmerica Partners (NYSE:CAPL) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

CrossAmerica Partners (NYSE:CAPL) announced its quarterly earnings data on Wednesday. The oil and gas company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.12, Zacks reports. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $731.45 million. CrossAmerica Partners had a negative return on equity of 22.21% and a net margin of 1.64%.

CrossAmerica Partners Trading Up 1.9%

NYSE:CAPL traded up $0.41 during mid-day trading on Thursday, reaching $21.63. The company’s stock had a trading volume of 29,323 shares, compared to its average volume of 44,826. CrossAmerica Partners has a 12-month low of $19.61 and a 12-month high of $23.34. The firm’s fifty day moving average price is $22.09 and its two-hundred day moving average price is $21.88. The stock has a market cap of $824.71 million, a P/E ratio of 14.52 and a beta of 0.29.

CrossAmerica Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 3rd will be given a $0.525 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $2.10 dividend on an annualized basis and a yield of 9.7%. CrossAmerica Partners’s payout ratio is 140.94%.

Institutional Trading of CrossAmerica Partners

A number of large investors have recently made changes to their positions in CAPL. Wells Fargo & Company MN raised its holdings in shares of CrossAmerica Partners by 43.3% during the fourth quarter. Wells Fargo & Company MN now owns 6,190 shares of the oil and gas company’s stock valued at $128,000 after purchasing an additional 1,869 shares during the last quarter. Royal Bank of Canada boosted its holdings in CrossAmerica Partners by 48.7% in the fourth quarter. Royal Bank of Canada now owns 7,394 shares of the oil and gas company’s stock worth $153,000 after purchasing an additional 2,422 shares during the last quarter. Osaic Holdings Inc. boosted its holdings in CrossAmerica Partners by 36.3% in the second quarter. Osaic Holdings Inc. now owns 14,301 shares of the oil and gas company’s stock worth $299,000 after purchasing an additional 3,812 shares during the last quarter. Citadel Advisors LLC grew its position in CrossAmerica Partners by 19.1% in the 3rd quarter. Citadel Advisors LLC now owns 15,467 shares of the oil and gas company’s stock worth $325,000 after purchasing an additional 2,477 shares during the period. Finally, Acadian Asset Management LLC bought a new stake in CrossAmerica Partners in the 1st quarter worth approximately $535,000. 24.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on CAPL. Zacks Research lowered shares of CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Wall Street Zen raised shares of CrossAmerica Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Finally, 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. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, CrossAmerica Partners currently has an average rating of “Hold”.

CrossAmerica Partners Company Profile

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.