CrossAmerica Partners (NYSE:CAPL) Shares Gap Down – Here’s Why

CrossAmerica Partners LP (NYSE:CAPL) gapped down before the market opened on Tuesday. The stock had previously closed at $22.51, but opened at $21.18. CrossAmerica Partners shares last traded at $21.1760, with a volume of 3,221 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CrossAmerica Partners in a report on Tuesday, September 8th. Zacks Research cut shares of CrossAmerica Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Two analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company has a consensus rating of “Hold”.

CrossAmerica Partners Stock Down 2.6%

The stock has a fifty day simple moving average of $22.11 and a 200 day simple moving average of $22.02. The firm has a market capitalization of $753.55 million, a P/E ratio of 14.41 and a beta of 0.29.

CrossAmerica Partners (NYSE:CAPL) last released its quarterly earnings data on Wednesday, November 4th. The oil and gas company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.21). CrossAmerica Partners had a negative return on equity of 37.73% and a net margin of 1.43%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.02 billion. Research analysts anticipate that CrossAmerica Partners LP will post 1.23 earnings per share for the current fiscal year.

CrossAmerica Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 12th. Investors of record on Monday, November 2nd will be issued a $0.5250 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $2.10 dividend on an annualized basis and a yield of 10.6%. CrossAmerica Partners’s payout ratio is currently 153.28%.

Institutional Investors Weigh In On CrossAmerica Partners

Institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP lifted its holdings in shares of CrossAmerica Partners by 5.9% in the first quarter. First Trust Advisors LP now owns 190,006 shares of the oil and gas company’s stock worth $3,948,000 after buying an additional 10,640 shares in the last quarter. NewEdge Wealth LLC boosted its position in shares of CrossAmerica Partners by 1.3% during the first quarter. NewEdge Wealth LLC now owns 93,975 shares of the oil and gas company’s stock worth $1,953,000 after acquiring an additional 1,213 shares during the last quarter. Sei Investments Co. purchased a new position in CrossAmerica Partners during the first quarter valued at $278,000. Commonwealth Equity Services LLC purchased a new position in CrossAmerica Partners during the third quarter valued at $249,000. Finally, Gateway Wealth Partners LLC purchased a new position in CrossAmerica Partners during the first quarter valued at $214,000. 24.06% of the stock is owned by hedge funds and other institutional investors.

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.