CrossAmerica Partners (NYSE:CAPL) Reaches New 52-Week High - Here's What Happened

Key Points

• CrossAmerica Partners reached a new 52-week high, trading as high as $24.63 and last changing hands at $24.01. The stock’s consensus analyst rating is “Buy,” with several research firms recently upgrading their views.
• The company reported quarterly EPS of $0.50, exceeding the $0.38 consensus estimate, while revenue totaled $1.18 billion versus expectations of $731.45 million.
• CrossAmerica Partners declared a quarterly dividend of $0.525 per share, equivalent to $2.10 annually and an 8.7% yield; its payout ratio stands at 153.28%.

CrossAmerica Partners LP (NYSE:CAPL - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $24.63 and last traded at $24.01, with a volume of 125873 shares changing hands. The stock had previously closed at $23.60.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CAPL. Wall Street Zen raised shares of CrossAmerica Partners from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Zacks Research raised CrossAmerica Partners from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Finally, Weiss Ratings raised shares of CrossAmerica Partners from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy".

CrossAmerica Partners Stock Performance

The firm has a market capitalization of $916.46 million, a PE ratio of 17.53 and a beta of 0.29. The business's 50 day moving average is $22.22 and its two-hundred day moving average is $21.90.

CrossAmerica Partners (NYSE:CAPL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.12. CrossAmerica Partners had a net margin of 1.43% and a negative return on equity of 37.73%. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $731.45 million. As a group, equities research analysts predict that CrossAmerica Partners LP will post 1.2 EPS for the current year.

CrossAmerica Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, August 3rd were given a dividend of $0.525 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $2.10 annualized dividend and a yield of 8.7%. CrossAmerica Partners's dividend payout ratio is presently 153.28%.

Institutional Investors Weigh In On CrossAmerica Partners

A number of large investors have recently modified their holdings of the stock. NewEdge Advisors LLC increased its stake in shares of CrossAmerica Partners by 40.0% during the first quarter. NewEdge Advisors LLC now owns 2,100 shares of the oil and gas company's stock valued at $44,000 after purchasing an additional 600 shares in the last quarter. Gateway Wealth Partners LLC bought a new position in CrossAmerica Partners during the 1st quarter valued at about $214,000. Sei Investments Co. purchased a new stake in CrossAmerica Partners in the first quarter worth approximately $278,000. NewEdge Wealth LLC boosted its stake in shares of 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 worth $1,953,000 after buying an additional 1,213 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in 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 purchasing an additional 10,640 shares during the last quarter. Institutional investors own 24.06% of the company's stock.

About CrossAmerica Partners

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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