Zacks Research Upgrades CrossAmerica Partners (NYSE:CAPL) to “Strong-Buy”

CrossAmerica Partners (NYSE:CAPL) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Weiss Ratings raised CrossAmerica Partners from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 2nd. Wall Street Zen raised CrossAmerica Partners from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, CrossAmerica Partners presently has an average rating of “Buy”.

CrossAmerica Partners Price Performance

NYSE:CAPL opened at $22.01 on Wednesday. CrossAmerica Partners has a fifty-two week low of $19.61 and a fifty-two week high of $23.34. The stock has a market capitalization of $839.05 million, a PE ratio of 14.77 and a beta of 0.29. The business’s 50-day simple moving average is $21.61 and its 200-day simple moving average is $21.42.

CrossAmerica Partners (NYSE:CAPL) last posted its earnings results on Wednesday, May 6th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $841.83 million during the quarter, compared to analysts’ expectations of $697.31 million. On average, research analysts expect that CrossAmerica Partners will post 0.93 earnings per share for the current year.

Hedge Funds Weigh In On CrossAmerica Partners

Large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of CrossAmerica Partners by 4.8% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 610,616 shares of the oil and gas company’s stock worth $12,774,000 after acquiring an additional 27,767 shares in the last quarter. Raymond James Financial Inc. lifted its position in shares of CrossAmerica Partners by 4.8% in 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 purchasing an additional 13,767 shares in the last quarter. First Trust Advisors LP boosted its holdings in 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 last quarter. LPL Financial LLC boosted its holdings in CrossAmerica Partners by 5.8% during the fourth quarter. LPL Financial LLC now owns 119,713 shares of the oil and gas company’s stock worth $2,466,000 after purchasing an additional 6,614 shares during the last quarter. Finally, Mariner LLC grew its position in CrossAmerica Partners by 7.5% in the third quarter. Mariner LLC now owns 107,873 shares of the oil and gas company’s stock valued at $2,269,000 after purchasing an additional 7,481 shares in the last quarter. Institutional investors and hedge funds own 24.06% of the company’s stock.

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.