Cowen Inc. Buys Shares of 20,000 CrossAmerica Partners LP (CAPL)

Cowen Inc. bought a new position in CrossAmerica Partners LP (NYSE:CAPL) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 20,000 shares of the oil and gas company’s stock, valued at approximately $510,000. Cowen Inc. owned approximately 0.06% of CrossAmerica Partners at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of CAPL. Wells Fargo & Company MN lifted its position in shares of CrossAmerica Partners by 2.3% in the 1st quarter. Wells Fargo & Company MN now owns 18,635 shares of the oil and gas company’s stock worth $488,000 after purchasing an additional 412 shares during the period. Ameriprise Financial Inc. purchased a new stake in shares of CrossAmerica Partners in the 1st quarter worth approximately $265,000. Mutual of America Capital Management LLC lifted its position in shares of CrossAmerica Partners by 0.8% in the 1st quarter. Mutual of America Capital Management LLC now owns 101,901 shares of the oil and gas company’s stock worth $2,668,000 after purchasing an additional 760 shares during the period. Iridian Asset Management LLC CT lifted its position in shares of CrossAmerica Partners by 2.5% in the 1st quarter. Iridian Asset Management LLC CT now owns 159,681 shares of the oil and gas company’s stock worth $4,180,000 after purchasing an additional 3,820 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its position in shares of CrossAmerica Partners by 5.2% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 92,395 shares of the oil and gas company’s stock worth $2,419,000 after purchasing an additional 4,603 shares during the period. Institutional investors and hedge funds own 35.05% of the company’s stock.

CrossAmerica Partners LP (NYSE:CAPL) traded down 0.30% on Tuesday, hitting $26.75. 16,979 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $26.83 and its 200-day moving average price is $25.67. CrossAmerica Partners LP has a 12-month low of $23.26 and a 12-month high of $29.80. The company’s market cap is $905.76 million.

CrossAmerica Partners (NYSE:CAPL) last issued its quarterly earnings data on Monday, August 7th. The oil and gas company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). The company had revenue of $528.79 million for the quarter, compared to analysts’ expectations of $596.92 million. CrossAmerica Partners had a return on equity of 4.11% and a net margin of 0.06%. Analysts forecast that CrossAmerica Partners LP will post ($0.02) earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, August 7th were given a dividend of $0.6225 per share. This represents a $2.49 annualized dividend and a dividend yield of 9.28%. The ex-dividend date was Thursday, August 3rd. This is an increase from CrossAmerica Partners’s previous quarterly dividend of $0.51. CrossAmerica Partners’s payout ratio is currently -8,297.23%.

Several brokerages have recently weighed in on CAPL. BidaskClub cut shares of CrossAmerica Partners from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Raymond James Financial, Inc. increased their target price on shares of CrossAmerica Partners from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. Bank of America Corporation cut shares of CrossAmerica Partners from a “buy” rating to a “neutral” rating and increased their target price for the company from $28.00 to $30.00 in a research report on Wednesday, July 26th. Finally, Zacks Investment Research raised shares of CrossAmerica Partners from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Tuesday, July 11th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $30.00.

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In related news, insider Jeremy Bergeron acquired 1,500 shares of CrossAmerica Partners stock in a transaction dated Thursday, August 10th. The stock was acquired at an average price of $26.03 per share, for a total transaction of $39,045.00. Following the transaction, the insider now owns 11,061 shares of the company’s stock, valued at $287,917.83. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Reilly III acquired 1,602 shares of CrossAmerica Partners stock in a transaction dated Friday, August 11th. The shares were bought at an average price of $25.91 per share, with a total value of $41,507.82. Following the transaction, the director now directly owns 192,471 shares in the company, valued at approximately $4,986,923.61. The disclosure for this purchase can be found here. Insiders have bought a total of 67,265 shares of company stock valued at $1,754,633 in the last 90 days.

About CrossAmerica Partners

CrossAmerica Partners LP is a limited partnership engaged in the wholesale distribution of motor fuel, and the ownership and leasing of real estate used in the retail distribution of motor fuel. The Company operates in two segments: wholesale and retail. The wholesale segment is engaged in the wholesale distribution of motor fuel to lessee dealers, independent dealers, commission agents, Dunne Manning Stores LLC (DMS), CST Brands, Inc and subsidiaries (CST) and company operated retail sites.

Institutional Ownership by Quarter for CrossAmerica Partners (NYSE:CAPL)

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