CrossAmerica Partners (NYSE:CAPL) Shares Gap Down - Here's Why

Key Points

• CrossAmerica Partners (CAPL) shares gapped down from $21.55 to $20.50 at market open, trading at $20.18 shortly thereafter.
• The company reported a Q1 loss of ($0.20) per share, missing estimates, while revenue of $862.48 million exceeded expectations of $735.09 million.
• A recent upgrade by Wall Street Zen elevated CAPL from a "buy" to a "strong-buy" rating, indicating a positive outlook from analysts.

Shares of CrossAmerica Partners LP (NYSE:CAPL - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $21.55, but opened at $20.50. CrossAmerica Partners shares last traded at $20.18, with a volume of 97,845 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of CrossAmerica Partners from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 16th.

CrossAmerica Partners Stock Up 0.1%

The company has a market cap of $762 million, a price-to-earnings ratio of 25.00 and a beta of 0.55. The company's 50-day moving average is $21.40 and its 200 day moving average is $22.46.

CrossAmerica Partners (NYSE:CAPL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The oil and gas company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.14). The business had revenue of $862.48 million for the quarter, compared to analyst estimates of $735.09 million. CrossAmerica Partners had a negative return on equity of 45.12% and a net margin of 0.80%. Analysts predict that CrossAmerica Partners LP will post 0.42 EPS for the current fiscal year.

CrossAmerica Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 4th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 10.5%. The ex-dividend date is Monday, August 4th. CrossAmerica Partners's payout ratio is 262.50%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its holdings in shares of CrossAmerica Partners by 3.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 39,040 shares of the oil and gas company's stock valued at $959,000 after buying an additional 1,375 shares in the last quarter. Ellsworth Advisors LLC purchased a new stake in CrossAmerica Partners in the 1st quarter valued at $648,000. Acadian Asset Management LLC purchased a new stake in CrossAmerica Partners in the 1st quarter valued at $535,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in CrossAmerica Partners by 2.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 582,849 shares of the oil and gas company's stock valued at $14,321,000 after purchasing an additional 14,948 shares during the last quarter. Finally, SVB Wealth LLC purchased a new stake in CrossAmerica Partners in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 24.06% of the company's stock.

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.

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