CrossAmerica Partners (NYSE:CAPL) Releases Earnings Results, Beats Expectations By $0.12 EPS

CrossAmerica Partners (NYSE:CAPL) released its quarterly earnings data on Wednesday. The oil and gas company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.12, Zacks reports. CrossAmerica Partners had a net margin of 1.43% and a negative return on equity of 38.29%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $731.45 million.

CrossAmerica Partners Price Performance

Shares of CrossAmerica Partners stock traded down $0.04 during trading on Friday, hitting $21.66. The stock had a trading volume of 16,707 shares, compared to its average volume of 44,636. The business has a fifty day moving average of $22.08 and a two-hundred day moving average of $21.88. CrossAmerica Partners has a fifty-two week low of $19.61 and a fifty-two week high of $23.34. The firm has a market cap of $825.71 million, a P/E ratio of 15.81 and a beta of 0.29.

CrossAmerica Partners Dividend Announcement

The company 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. This represents a $2.10 dividend on an annualized basis and a yield of 9.7%. The ex-dividend date is Monday, August 3rd. CrossAmerica Partners’s dividend payout ratio is 140.94%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CAPL shares. Wall Street Zen upgraded CrossAmerica Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Zacks Research downgraded CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Weiss Ratings upgraded CrossAmerica Partners from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its position in CrossAmerica Partners by 3.7% during the first quarter. Goldman Sachs Group Inc. now owns 39,040 shares of the oil and gas company’s stock worth $959,000 after acquiring an additional 1,375 shares during the period. Wells Fargo & Company MN grew its position in CrossAmerica Partners by 43.3% in the 4th quarter. Wells Fargo & Company MN now owns 6,190 shares of the oil and gas company’s stock worth $128,000 after purchasing an additional 1,869 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of CrossAmerica Partners by 48.7% during the 4th 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 period. Citadel Advisors LLC increased its holdings in shares of CrossAmerica Partners by 19.1% during 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, Osaic Holdings Inc. raised its position in shares of CrossAmerica Partners by 36.3% during the second quarter. Osaic Holdings Inc. now owns 14,301 shares of the oil and gas company’s stock valued at $299,000 after buying an additional 3,812 shares during the last quarter. Institutional investors and hedge funds own 24.06% of the company’s stock.

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.