CrossAmerica Partners (NYSE:CAPL) Trading Down 3.9% - Here's Why

Key Points

• CrossAmerica Partners shares fell 3.9% to about $21.35, with trading volume 58% below the average session volume.
• The latest quarterly results exceeded expectations, with EPS of $0.26 versus the consensus estimate of a $0.16 loss and revenue of $841.83 million versus $697.31 million expected.
• The company declared a quarterly dividend of $0.525, representing an annualized payout of $2.10 and a 9.9% yield; however, its payout ratio remains high at 140.94%, while analysts’ average rating is “Hold.”

CrossAmerica Partners LP (NYSE:CAPL - Get Free Report)'s share price was down 3.9% during trading on Monday . The company traded as low as $21.30 and last traded at $21.3450. Approximately 18,816 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 44,899 shares. The stock had previously closed at $22.21.

Wall Street Analysts Forecast Growth

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

CrossAmerica Partners Price Performance

The company has a market capitalization of $806.45 million, a P/E ratio of 14.19 and a beta of 0.29. The firm's 50-day moving average is $22.17 and its 200-day moving average is $21.88.

CrossAmerica Partners (NYSE:CAPL - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.26 earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.42. CrossAmerica Partners had a net margin of 1.64% and a negative return on equity of 22.21%. The business had revenue of $841.83 million for the quarter, compared to analysts' expectations of $697.31 million. As a group, analysts forecast that CrossAmerica Partners LP will post 0.93 EPS for the current fiscal year.

CrossAmerica Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 3rd will be given a $0.525 dividend. The ex-dividend date is Monday, August 3rd. This represents a $2.10 dividend on an annualized basis and a yield of 9.9%. CrossAmerica Partners's dividend payout ratio is presently 140.94%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its stake in CrossAmerica Partners by 3.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 39,040 shares of the oil and gas company's stock worth $959,000 after acquiring an additional 1,375 shares during the period. Acadian Asset Management LLC bought a new stake in shares of CrossAmerica Partners during the 1st quarter valued at $535,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of CrossAmerica Partners by 4.8% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 610,616 shares of the oil and gas company's stock valued at $12,774,000 after buying an additional 27,767 shares in the last quarter. Osaic Holdings Inc. lifted its position in shares of CrossAmerica Partners by 36.3% in the second 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. Finally, First Trust Advisors LP grew its holdings in CrossAmerica Partners by 22.9% during the 3rd quarter. First Trust Advisors LP now owns 199,041 shares of the oil and gas company's stock valued at $4,186,000 after buying an additional 37,093 shares in the last quarter. 24.06% of the stock is currently owned by institutional investors.

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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