CrossAmerica Partners (NYSE:CAPL) Shares Gap Up After Dividend Announcement

Shares of CrossAmerica Partners LP (NYSE:CAPL) gapped up prior to trading on Tuesday following a dividend announcement from the company. The stock had previously closed at $22.70, but opened at $23.36. CrossAmerica Partners shares last traded at $23.34, with a volume of 14,226 shares traded.

The newly announced dividend which will be paid on Friday, May 10th. Shareholders of record on Friday, May 3rd will be given a $0.525 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $2.10 dividend on an annualized basis and a dividend yield of 9.09%. CrossAmerica Partners’s dividend payout ratio is currently 200.00%.

Wall Street Analysts Forecast Growth

Separately, TheStreet downgraded CrossAmerica Partners from a “b-” rating to a “c+” rating in a research report on Tuesday, February 27th.

CrossAmerica Partners Price Performance

The company has a debt-to-equity ratio of 250.71, a quick ratio of 0.35 and a current ratio of 0.67. The firm has a market cap of $877.79 million, a P/E ratio of 22.01 and a beta of 1.53. The company has a 50-day moving average of $22.32 and a 200 day moving average of $22.49.

CrossAmerica Partners (NYSE:CAPL) last posted its earnings results on Monday, February 26th. The oil and gas company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.11 billion. CrossAmerica Partners had a return on equity of 197.82% and a net margin of 0.93%. On average, sell-side analysts anticipate that CrossAmerica Partners LP will post 0.95 EPS for the current year.

Hedge Funds Weigh In On CrossAmerica Partners

Several hedge funds and other institutional investors have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. bought a new position in CrossAmerica Partners in the 3rd quarter valued at $205,000. American Financial Group Inc. raised its position in CrossAmerica Partners by 4.3% in the 3rd quarter. American Financial Group Inc. now owns 12,000 shares of the oil and gas company’s stock valued at $260,000 after purchasing an additional 500 shares during the last quarter. Apollon Wealth Management LLC raised its position in CrossAmerica Partners by 3.3% in the 4th quarter. Apollon Wealth Management LLC now owns 15,154 shares of the oil and gas company’s stock valued at $346,000 after purchasing an additional 489 shares during the last quarter. Exchange Traded Concepts LLC raised its position in CrossAmerica Partners by 24.5% in the 3rd quarter. Exchange Traded Concepts LLC now owns 21,350 shares of the oil and gas company’s stock valued at $463,000 after purchasing an additional 4,202 shares during the last quarter. Finally, Tortoise Index Solutions LLC raised its position in CrossAmerica Partners by 12.9% in the 4th quarter. Tortoise Index Solutions LLC now owns 24,095 shares of the oil and gas company’s stock valued at $549,000 after purchasing an additional 2,745 shares during the last quarter. Institutional investors own 24.06% of the company’s stock.

CrossAmerica Partners Company Profile

CrossAmerica Partners LP engages in the wholesale distribution of motor fuels, operation of convenience stores, and ownership and leasing of real estate used in the retail distribution of motor fuels in the United States. It operates in two segments, Wholesale and Retail. The Wholesale segment engages in the wholesale distribution of motor fuels to lessee dealers, independent dealers, commission agents, and company operated retail sites.