Capital Product Partners (NASDAQ:CPLP) Stock Rating Lowered by Zacks Investment Research

Capital Product Partners (NASDAQ:CPLP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com reports.

According to Zacks, “CAPITAL PRODUCT PARTNERS L.P. is an international shipping company and leader in the seaborne transportation of refined oil products and chemicals. Their fleet of product tankers is fully chartered under medium- to long-term time and bareboat charters. With their modern, state-of-the-art fleet and built-in growth through contracted acquisitions of additional vessels and the potential drop-down of optional vessels from the owner of their General Partner, Capital Maritime & Trading Corp., they are well-positioned to capitalize on the growth dynamics of the product tanker industry, worldwide, as well as pending regulatory changes. “

Several other equities research analysts have also commented on the company. TheStreet upgraded Capital Product Partners from a “d+” rating to a “c-” rating in a research note on Monday, October 14th. ValuEngine upgraded Capital Product Partners from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. Capital Product Partners currently has an average rating of “Hold” and a consensus price target of $15.67.

NASDAQ:CPLP opened at $11.91 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 1.30. The firm has a market capitalization of $215.25 million, a price-to-earnings ratio of 12.15 and a beta of 1.00. Capital Product Partners has a one year low of $9.68 and a one year high of $19.81. The business has a fifty day moving average price of $10.97 and a 200-day moving average price of $10.77.

Capital Product Partners (NASDAQ:CPLP) last posted its quarterly earnings data on Wednesday, July 31st. The shipping company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.43 by $0.01. The firm had revenue of $26.83 million during the quarter, compared to analyst estimates of $27.32 million. Capital Product Partners had a positive return on equity of 5.70% and a negative net margin of 69.36%. On average, equities research analysts expect that Capital Product Partners will post 1.11 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN increased its stake in Capital Product Partners by 410.5% in the 2nd quarter. Wells Fargo & Company MN now owns 9,316 shares of the shipping company’s stock worth $98,000 after buying an additional 7,491 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Capital Product Partners in the 2nd quarter worth $110,000. HighTower Advisors LLC purchased a new stake in Capital Product Partners in the 2nd quarter worth $230,000. Royal Bank of Canada increased its stake in Capital Product Partners by 494.9% in the 2nd quarter. Royal Bank of Canada now owns 23,593 shares of the shipping company’s stock worth $248,000 after buying an additional 19,627 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in Capital Product Partners by 731.0% in the 2nd quarter. Acadian Asset Management LLC now owns 27,848 shares of the shipping company’s stock worth $293,000 after buying an additional 24,497 shares in the last quarter. Institutional investors and hedge funds own 21.44% of the company’s stock.

About Capital Product Partners

Capital Product Partners LP operates as an international shipping company. It engages in the seaborne transportation of cargo, including crude oil, refined oil products and chemicals. The company fleet consists of vessels, suezmax crude oil tankers, medium range tankers, and capesize bulk carrier. Capital Product Partners was founded on January 16, 2007 and is headquartered in Piraeus, Greece.

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