CrossAmerica Partners (NYSE:CAPL) Releases Quarterly Earnings Results

Key Points

• CrossAmerica Partners beat quarterly earnings expectations: The company reported EPS of $0.52 versus the $0.38 consensus estimate, while revenue reached $1.18 billion, well above the $731.45 million forecast.
• The partnership declared a $0.525 quarterly dividend, equivalent to $2.10 annually and a 9.8% yield. However, its payout ratio was elevated at 140.94%.
• Shares traded around $21.34, down modestly during the session, and analysts maintained a consensus “Hold” rating. Institutional investors own approximately 24.06% of the stock.

CrossAmerica Partners (NYSE:CAPL - Get Free Report) released its quarterly earnings results on Wednesday. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.14, FiscalAI reports. CrossAmerica Partners had a negative return on equity of 22.21% and a net margin of 1.64%.The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $731.45 million.

CrossAmerica Partners Stock Performance

Shares of NYSE CAPL traded down $0.12 during midday trading on Wednesday, reaching $21.34. The company's stock had a trading volume of 9,232 shares, compared to its average volume of 35,321. The company has a market cap of $813.88 million, a P/E ratio of 14.33 and a beta of 0.29. The business's 50 day moving average price is $22.09 and its two-hundred day moving average price is $21.88. CrossAmerica Partners has a fifty-two week low of $19.61 and a fifty-two week high of $23.34.

CrossAmerica Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 3rd will be paid a $0.525 dividend. The ex-dividend date is Monday, August 3rd. This represents a $2.10 annualized dividend and a yield of 9.8%. CrossAmerica Partners's payout ratio is 140.94%.

Hedge Funds Weigh In On CrossAmerica Partners

Hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN lifted its holdings in shares of CrossAmerica Partners by 43.3% in the fourth quarter. Wells Fargo & Company MN now owns 6,190 shares of the oil and gas company's stock worth $128,000 after acquiring an additional 1,869 shares during the last quarter. Royal Bank of Canada lifted its holdings in CrossAmerica Partners by 48.7% during the 4th quarter. Royal Bank of Canada now owns 7,394 shares of the oil and gas company's stock worth $153,000 after buying an additional 2,422 shares during the period. Osaic Holdings Inc. increased its position in CrossAmerica Partners by 36.3% during the 2nd 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 period. Citadel Advisors LLC raised its stake 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 last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of CrossAmerica Partners in the 1st quarter valued at about $535,000. 24.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the company. Wall Street Zen raised CrossAmerica Partners from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Zacks Research cut CrossAmerica Partners from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Finally, Weiss Ratings raised shares of CrossAmerica Partners from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, CrossAmerica Partners 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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