CrossAmerica Partners LP (NYSE:CAPL) Declares Quarterly Dividend of $0.53

CrossAmerica Partners LP (NYSE:CAPL) declared a quarterly dividend on Tuesday, July 21st. Stockholders of record on Monday, August 3rd will be paid a dividend of 0.525 per share by the oil and gas company on Thursday, August 13th. This represents a c) annualized dividend and a dividend yield of 9.6%. The ex-dividend date of this dividend is Monday, August 3rd.

CrossAmerica Partners has a payout ratio of 411.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect CrossAmerica Partners to earn $0.85 per share next year, which means the company may not be able to cover its $2.10 annual dividend with an expected future payout ratio of 247.1%.

CrossAmerica Partners Stock Down 0.7%

CrossAmerica Partners stock opened at $21.84 on Wednesday. The business’s 50-day simple moving average is $22.31 and its 200 day simple moving average is $21.82. The stock has a market cap of $832.76 million, a price-to-earnings ratio of 14.66 and a beta of 0.29. CrossAmerica Partners has a 12-month low of $19.61 and a 12-month high of $23.34.

CrossAmerica Partners (NYSE:CAPL) last announced its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.26 earnings per share 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 firm had revenue of $841.83 million during the quarter, compared to analysts’ expectations of $697.31 million. As a group, sell-side analysts expect that CrossAmerica Partners will post 0.93 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAPL. First Trust Advisors LP raised its position in shares of CrossAmerica Partners by 22.9% during 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CrossAmerica Partners by 4.8% in the second 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 buying an additional 27,767 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of CrossAmerica Partners during the first quarter worth $535,000. Raymond James Financial Inc. raised its holdings in shares of CrossAmerica Partners by 4.8% during 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 acquiring an additional 13,767 shares during the period. Finally, Sei Investments Co. bought a new stake in CrossAmerica Partners in the 1st quarter valued at $278,000. 24.06% of the stock is currently owned by institutional investors.

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.