CrossAmerica Partners (NYSE:CAPL) Issues Earnings Results, Beats Expectations By $0.42 EPS

Key Points

• CrossAmerica Partners reported quarterly EPS of $0.26, beating analysts’ expectations of a loss of $0.16 per share by $0.42. Revenue also topped estimates at $841.83 million versus the $697.31 million consensus.
• The stock rose 1.8% to $21.71 after the earnings release, with the company carrying a market value of about $827.8 million and a dividend yield of 9.7%.
• The company declared a quarterly dividend of $0.525 per share, payable May 14 to shareholders of record on May 4, while analysts currently have an overall Hold rating on the stock.

CrossAmerica Partners (NYSE:CAPL - Get Free Report) posted its earnings results on Wednesday. The oil and gas company reported $0.26 earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.42, FiscalAI reports. The firm had revenue of $841.83 million during the quarter, compared to the consensus estimate of $697.31 million. CrossAmerica Partners had a net margin of 1.64% and a negative return on equity of 22.21%.

CrossAmerica Partners Trading Up 1.8%

Shares of NYSE CAPL traded up $0.39 during midday trading on Friday, reaching $21.71. 39,859 shares of the stock were exchanged, compared to its average volume of 41,142. The stock has a 50 day moving average price of $21.24 and a 200-day moving average price of $21.20. The company has a market capitalization of $827.80 million, a P/E ratio of 14.57 and a beta of 0.29. CrossAmerica Partners has a 52-week low of $19.61 and a 52-week high of $23.62.

CrossAmerica Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 14th. Stockholders of record on Monday, May 4th will be issued a dividend of $0.525 per share. The ex-dividend date is Monday, May 4th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 9.7%. CrossAmerica Partners's payout ratio is 140.94%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN boosted its holdings in shares of CrossAmerica Partners by 43.3% during the fourth 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 stake in CrossAmerica Partners by 48.7% in the fourth quarter. Royal Bank of Canada now owns 7,394 shares of the oil and gas company's stock valued at $153,000 after purchasing an additional 2,422 shares during the last quarter. Osaic Holdings Inc. increased its stake in CrossAmerica Partners by 36.3% in the second quarter. Osaic Holdings Inc. now owns 14,301 shares of the oil and gas company's stock valued at $299,000 after purchasing an additional 3,812 shares during the last quarter. Citadel Advisors LLC lifted its position in CrossAmerica Partners by 19.1% during the third quarter. Citadel Advisors LLC now owns 15,467 shares of the oil and gas company's stock worth $325,000 after buying an additional 2,477 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in CrossAmerica Partners during the first quarter worth about $535,000. 24.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CAPL shares. Wall Street Zen upgraded shares of CrossAmerica Partners from a "hold" rating to a "buy" rating in a research report on Saturday, February 28th. Weiss Ratings upgraded CrossAmerica Partners from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 2nd. Finally, Zacks Research lowered CrossAmerica Partners from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold".

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.

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