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

Key Points

• CrossAmerica Partners shares reached a new 52-week high of $23.48 and were last trading at $23.45, up 3.7% from the prior close.
• The company reported quarterly EPS of $0.50, beating the $0.38 analyst consensus, while revenue of $1.18 billion also exceeded expectations of $731.45 million. Analysts’ consensus rating is “Buy.”
• CrossAmerica declared a quarterly dividend of $0.525, equivalent to $2.10 annually and a 9.0% yield; its payout ratio stands at 153.28%.

CrossAmerica Partners LP (NYSE:CAPL - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $23.48 and last traded at $23.45, with a volume of 39765 shares traded. The stock had previously closed at $22.44.

Wall Street Analyst Weigh In

CAPL has been the topic of several analyst reports. Zacks Research raised shares of CrossAmerica Partners from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Weiss Ratings upgraded shares of CrossAmerica Partners from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, June 11th. Finally, Wall Street Zen raised shares of CrossAmerica Partners from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, CrossAmerica Partners presently has a consensus rating of "Buy".

CrossAmerica Partners Trading Up 3.7%

The stock has a fifty day simple moving average of $22.10 and a 200-day simple moving average of $21.88. The company has a market capitalization of $888.22 million, a PE ratio of 16.99 and a beta of 0.29.

CrossAmerica Partners (NYSE:CAPL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.12. CrossAmerica Partners had a negative return on equity of 37.73% and a net margin of 1.43%.The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Monday, August 3rd will be issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 9.0%. The ex-dividend date of this dividend is Monday, August 3rd. CrossAmerica Partners's dividend payout ratio is 153.28%.

Institutional Trading of CrossAmerica Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC lifted its position in shares of CrossAmerica Partners by 40.0% during the 1st quarter. NewEdge Advisors LLC now owns 2,100 shares of the oil and gas company's stock worth $44,000 after buying an additional 600 shares during the last quarter. CWM LLC raised its stake in CrossAmerica Partners by 35.5% during the 4th quarter. CWM LLC now owns 3,387 shares of the oil and gas company's stock worth $70,000 after acquiring an additional 887 shares in the last quarter. North Star Investment Management Corp. acquired a new stake in CrossAmerica Partners during the 1st quarter worth $105,000. Wells Fargo & Company MN lifted its position in 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 valued at $128,000 after acquiring an additional 1,869 shares during the last quarter. Finally, Royal Bank of Canada lifted its position 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 acquiring an additional 2,422 shares during the last quarter. Institutional investors and hedge funds 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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