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

Key Points

• CrossAmerica Partners shares gapped down from a previous close of $22.51 to open at $21.18, with light trading volume. Analysts currently rate the stock an average “Hold,” after Zacks downgraded it from “Strong Buy.”
• The company reported quarterly earnings of $0.50 per share, beating consensus estimates of $0.38, while revenue reached $1.18 billion versus expectations of $731.45 million.
• CrossAmerica declared a quarterly dividend of $0.525 per share, equating to $2.10 annually and a 9.9% yield; however, its payout ratio is elevated at 153.28%.

CrossAmerica Partners LP (NYSE:CAPL - Get Free Report) shares gapped down before the market opened on Tuesday. The stock had previously closed at $22.51, but opened at $21.18. CrossAmerica Partners shares last traded at $21.1760, with a volume of 3,221 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CAPL. Zacks Research lowered shares of CrossAmerica Partners from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of CrossAmerica Partners in a report on Tuesday, September 8th. Two research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has an average rating of "Hold".

CrossAmerica Partners Trading Up 0.4%

The stock has a 50-day moving average price of $22.21 and a 200 day moving average price of $22.02. The stock has a market capitalization of $808.97 million, a price-to-earnings ratio of 15.46 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 for the quarter, topping the consensus estimate 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 analysts' expectations of $731.45 million. Equities research analysts anticipate that CrossAmerica Partners LP will post 1.23 earnings per share for the current year.

CrossAmerica Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Monday, November 2nd will be issued a dividend of $0.5250 per share. This represents a $2.10 dividend on an annualized basis and a yield of 9.9%. The ex-dividend date of this dividend is Monday, November 2nd. CrossAmerica Partners's payout ratio is 153.28%.

Institutional Trading of CrossAmerica Partners

Several institutional investors have recently modified their holdings of CAPL. NewEdge Advisors LLC grew its holdings in shares of 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 purchasing an additional 600 shares during the last quarter. Gateway Wealth Partners LLC acquired a new stake in shares of CrossAmerica Partners during the first quarter worth about $214,000. Commonwealth Equity Services LLC acquired a new stake in shares of CrossAmerica Partners during the third quarter worth about $249,000. Sei Investments Co. purchased a new stake in shares of CrossAmerica Partners in the 1st quarter valued at about $278,000. Finally, NewEdge Wealth LLC lifted its holdings 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 last quarter. Hedge funds and other institutional investors own 24.06% of the company's stock.

CrossAmerica Partners Company Profile

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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