CrossAmerica Partners LP (CAPL) to Issue Quarterly Dividend of $0.53 on November 12th

CrossAmerica Partners LP (NYSE:CAPL) announced a quarterly dividend on Wednesday, October 21st. Stockholders of record on Monday, November 2nd will be given a dividend of $0.5250 per share by the oil and gas company on Thursday, November 12th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 9.3%. The ex-dividend date is Monday, November 2nd.

CrossAmerica Partners has a dividend payout ratio of 411.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect CrossAmerica Partners to earn $1.15 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 182.6%.

CrossAmerica Partners Trading Down 0.5%

Shares of CAPL stock opened at $22.62 on Friday. CrossAmerica Partners has a 1-year low of $19.78 and a 1-year high of $24.63. The company has a market capitalization of $863.41 million, a price-to-earnings ratio of 16.51 and a beta of 0.34. The stock’s fifty day simple moving average is $22.26 and its 200-day simple moving average is $22.03.

CrossAmerica Partners (NYSE:CAPL) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.12. CrossAmerica Partners had a negative return on equity of 37.73% and a net margin of 1.43%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $731.45 million. On average, sell-side analysts predict that CrossAmerica Partners will post 1.23 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC increased its stake in shares of CrossAmerica Partners by 40.0% in the first quarter. NewEdge Advisors LLC now owns 2,100 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 600 shares during the period. Gateway Wealth Partners LLC bought a new stake in CrossAmerica Partners during the 1st quarter valued at approximately $214,000. Sei Investments Co. bought a new stake in CrossAmerica Partners during the 1st quarter valued at approximately $278,000. NewEdge Wealth LLC grew its holdings in CrossAmerica Partners by 1.3% in the 1st quarter. NewEdge Wealth LLC now owns 93,975 shares of the oil and gas company’s stock valued at $1,953,000 after buying an additional 1,213 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in CrossAmerica Partners by 5.9% in the 1st quarter. First Trust Advisors LP now owns 190,006 shares of the oil and gas company’s stock valued at $3,948,000 after buying an additional 10,640 shares during 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 focused on the wholesale distribution of motor fuels and the ownership or leasing of assets used in fuel retailing. The partnership supplies gasoline and diesel to independent dealers, commercial customers, and other retail operators through a network of fuel supply and distribution arrangements.

In addition to fuel distribution, CrossAmerica owns or leases convenience stores, gas stations, and related real estate.