CrossAmerica Partners (NYSE:CAPL) Shares Break Below Two Hundred Day Moving Average - Here's Why

Key Points

• CrossAmerica Partners shares fell below their 200-day moving average, trading as low as $20.96 versus the $22.02 average, and last changing hands at $21.09.
• Analysts maintain a cautious outlook: Weiss Ratings reiterated a “Hold,” Zacks downgraded the stock from “Strong Buy” to “Hold,” and the consensus rating is “Hold.”
• The partnership reported quarterly EPS of $0.50, beating estimates by $0.12, while declaring a quarterly dividend of $0.525 per share—an annualized yield of approximately 10%.

CrossAmerica Partners LP (NYSE:CAPL - Get Free Report) shares passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $22.02 and traded as low as $20.96. CrossAmerica Partners shares last traded at $21.09, with a volume of 68,898 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently commented on CAPL shares. Weiss Ratings reiterated a "hold (c)" rating on shares of CrossAmerica Partners in a research note on Tuesday, September 8th. Zacks Research lowered shares of CrossAmerica Partners from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Two analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock has an average rating of "Hold".

CrossAmerica Partners Stock Performance

The firm's 50 day simple moving average is $22.21 and its 200 day simple moving average is $22.02. The firm has a market capitalization of $805.01 million, a price-to-earnings ratio of 15.39 and a beta of 0.34.

CrossAmerica Partners (NYSE:CAPL - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.12. CrossAmerica Partners had a net margin of 1.43% and a negative return on equity of 37.73%. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $731.45 million. As a group, sell-side analysts forecast that CrossAmerica Partners LP will post 1.23 earnings per share for the current year.

CrossAmerica Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Monday, November 2nd will be paid a dividend of $0.5250 per share. The ex-dividend date is Monday, November 2nd. This represents a $2.10 dividend on an annualized basis and a dividend yield of 10.0%. CrossAmerica Partners's dividend payout ratio (DPR) is presently 153.28%.

Hedge Funds Weigh In On CrossAmerica Partners

Several institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC grew its holdings in CrossAmerica Partners by 40.0% during the first quarter. NewEdge Advisors LLC now owns 2,100 shares of the oil and gas company's stock worth $44,000 after acquiring an additional 600 shares during the period. NewEdge Wealth LLC lifted its stake in shares of CrossAmerica Partners by 1.3% in the 1st quarter. NewEdge Wealth LLC now owns 93,975 shares of the oil and gas company's stock valued at $1,953,000 after purchasing an additional 1,213 shares during the period. Gateway Wealth Partners LLC acquired a new position in shares of CrossAmerica Partners in the first quarter worth about $214,000. First Trust Advisors LP lifted its position in shares of CrossAmerica Partners by 5.9% during the 1st quarter. First Trust Advisors LP now owns 190,006 shares of the oil and gas company's stock valued at $3,948,000 after buying an additional 10,640 shares in the last quarter. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of CrossAmerica Partners during the third quarter worth about $249,000. 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 focused on the wholesale distribution of motor fuels and the ownership or leasing of assets used in fuel retailing. The partnership supplies gasoline and diesel to independent dealers, commercial customers, and other retail operators through a network of fuel supply and distribution arrangements.

In addition to fuel distribution, CrossAmerica owns or leases convenience stores, gas stations, and related real estate.

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