Zacks Investment Research upgraded shares of CrossAmerica Partners LP (NYSE:CAPL) from a hold rating to a buy rating in a report released on Tuesday, July 11th. Zacks Investment Research currently has $28.00 price target on the oil and gas company’s stock.
According to Zacks, “CrossAmerica Partners LP engages in the wholesale distribution of motor fuels, consisting of gasoline and diesel fuel, and owns and leases real estate used in the retail distribution of motor fuels. CrossAmerica Partners LP, formerly known as Lehigh Gas Partners LP, is headquartered in Allentown, Pennsylvania. “
Other equities analysts have also issued reports about the stock. FBR & Co reiterated a buy rating on shares of CrossAmerica Partners in a research report on Wednesday, March 15th. Royal Bank Of Canada reiterated a hold rating and issued a $27.00 price target on shares of CrossAmerica Partners in a research report on Thursday, April 13th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $30.00.
CrossAmerica Partners (NYSE CAPL) traded up 1.67% on Tuesday, reaching $26.25. 48,170 shares of the company traded hands. The stock’s 50-day moving average is $26.54 and its 200-day moving average is $25.67. CrossAmerica Partners has a 1-year low of $23.26 and a 1-year high of $29.80. The stock has a market capitalization of $885.31 million, a price-to-earnings ratio of 125.60 and a beta of 1.34.
CrossAmerica Partners (NYSE:CAPL) last posted its quarterly earnings results on Monday, August 7th. The oil and gas company reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by $0.01. The firm had revenue of $528.79 million during the quarter, compared to the consensus estimate of $596.92 million. CrossAmerica Partners had a return on equity of 4.11% and a net margin of 0.06%. Equities research analysts expect that CrossAmerica Partners will post $0.30 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, August 7th will be issued a $0.6225 dividend. This represents a $2.49 annualized dividend and a dividend yield of 9.49%. The ex-dividend date of this dividend is Thursday, August 3rd. This is an increase from CrossAmerica Partners’s previous quarterly dividend of $0.51. CrossAmerica Partners’s payout ratio is -8,297.23%.
In related news, Director John B. Reilly III bought 50,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were purchased at an average price of $26.00 per share, with a total value of $1,300,000.00. Following the completion of the acquisition, the director now owns 190,869 shares of the company’s stock, valued at $4,962,594. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jeremy Bergeron bought 1,500 shares of the stock in a transaction dated Thursday, August 10th. The stock was bought at an average cost of $26.03 per share, for a total transaction of $39,045.00. Following the acquisition, the insider now directly owns 11,061 shares of the company’s stock, valued at approximately $287,917.83. The disclosure for this purchase can be found here.
Large investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC increased its stake in CrossAmerica Partners by 21.3% in the first quarter. Janney Montgomery Scott LLC now owns 59,521 shares of the oil and gas company’s stock worth $1,558,000 after buying an additional 10,471 shares during the last quarter. Wells Fargo & Company MN increased its stake in CrossAmerica Partners by 2.3% in the first quarter. Wells Fargo & Company MN now owns 18,635 shares of the oil and gas company’s stock worth $488,000 after buying an additional 412 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in CrossAmerica Partners during the first quarter worth about $265,000. Mutual of America Capital Management LLC increased its stake in CrossAmerica Partners by 0.8% in the first quarter. Mutual of America Capital Management LLC now owns 101,901 shares of the oil and gas company’s stock worth $2,668,000 after buying an additional 760 shares during the last quarter. Finally, Iridian Asset Management LLC CT increased its stake in CrossAmerica Partners by 2.5% in the first quarter. Iridian Asset Management LLC CT now owns 159,681 shares of the oil and gas company’s stock worth $4,180,000 after buying an additional 3,820 shares during the last quarter. 37.19% of the stock is currently owned by institutional investors.
About CrossAmerica Partners
CrossAmerica Partners LP is a limited partnership engaged in the wholesale distribution of motor fuel, and the ownership and leasing of real estate used in the retail distribution of motor fuel. The Company operates in two segments: wholesale and retail. The wholesale segment is engaged in the wholesale distribution of motor fuel to lessee dealers, independent dealers, commission agents, Dunne Manning Stores LLC (DMS), CST Brands, Inc and subsidiaries (CST) and company operated retail sites.
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