CrossAmerica Partners (NYSE:CAPL) Sees Large Volume Increase - Here's What Happened

Key Points

• CrossAmerica Partners (NYSE:CAPL) upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating increased analyst confidence in the stock.
• The company's quarterly earnings showed a loss with earnings per share of $0.07, missing estimates by $0.13, but revenue exceeded expectations at $961.93 million.
• CrossAmerica Partners declared a quarterly dividend of $0.525 per share, representing an annualized yield of 10.1%, though the payout ratio is a high 185.84%.

CrossAmerica Partners LP (NYSE:CAPL - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 25,223 shares traded hands during trading, a decline of 18% from the previous session's volume of 30,822 shares.The stock last traded at $20.84 and had previously closed at $20.81.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of CrossAmerica Partners from a "hold" rating to a "buy" rating in a report on Monday, August 25th.

CrossAmerica Partners Price Performance

The company has a market capitalization of $776.70 million, a PE ratio of 18.03 and a beta of 0.51. The business's 50 day simple moving average is $20.88 and its 200 day simple moving average is $22.12.

CrossAmerica Partners (NYSE:CAPL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.13). The firm had revenue of $961.93 million for the quarter, compared to analyst estimates of $793.52 million. CrossAmerica Partners had a negative return on equity of 32.78% and a net margin of 1.19%. As a group, analysts anticipate that CrossAmerica Partners LP will post 0.42 EPS for the current year.

CrossAmerica Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 4th were given a $0.525 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $2.10 dividend on an annualized basis and a yield of 10.3%. CrossAmerica Partners's payout ratio is presently 185.84%.

Insider Buying and Selling at CrossAmerica Partners

In other news, Director John B. Reilly III bought 2,706 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was bought at an average cost of $20.01 per share, with a total value of $54,147.06. Following the transaction, the director directly owned 4,967,317 shares in the company, valued at $99,396,013.17. The trade was a 0.05% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph V. Jr. Topper bought 2,706 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was purchased at an average cost of $20.01 per share, with a total value of $54,147.06. Following the completion of the transaction, the director owned 1,857,649 shares in the company, valued at $37,171,556.49. This represents a 0.15% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 52.00% of the company's stock.

Hedge Funds Weigh In On CrossAmerica Partners

Institutional investors have recently bought and sold shares of the company. SVB Wealth LLC acquired a new position in CrossAmerica Partners in the 1st quarter valued at about $33,000. Private Advisor Group LLC acquired a new position in CrossAmerica Partners in the 1st quarter valued at about $205,000. Osaic Holdings Inc. grew its position in CrossAmerica Partners by 36.3% in the 2nd quarter. Osaic Holdings Inc. now owns 14,301 shares of the oil and gas company's stock valued at $299,000 after acquiring an additional 3,812 shares in the last quarter. Kestra Private Wealth Services LLC acquired a new position in CrossAmerica Partners in the 1st quarter valued at about $388,000. Finally, Acadian Asset Management LLC purchased 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 and hedge funds.

About CrossAmerica Partners

CrossAmerica Partners LP engages in the wholesale distribution of motor fuels, operation of convenience stores, and ownership and leasing of real estate used in the retail distribution of motor fuels in the United States. It operates in two segments, Wholesale and Retail. The Wholesale segment engages in the wholesale distribution of motor fuels to lessee dealers, independent dealers, commission agents, and company operated retail sites.