CrossAmerica Partners (NYSE:CAPL) Shares Gap Up – Here’s What Happened

Shares of CrossAmerica Partners LP (NYSE:CAPL) gapped up prior to trading on Tuesday . The stock had previously closed at $20.18, but opened at $20.99. CrossAmerica Partners shares last traded at $20.6350, with a volume of 4,025 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on CAPL. Wall Street Zen raised shares of CrossAmerica Partners from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reiterated a “sell (d+)” rating on shares of CrossAmerica Partners in a research note on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, CrossAmerica Partners currently has an average rating of “Sell”.

CrossAmerica Partners Price Performance

The business’s 50 day simple moving average is $21.60 and its 200 day simple moving average is $20.99. The stock has a market cap of $788.15 million, a P/E ratio of 20.07 and a beta of 0.39.

CrossAmerica Partners (NYSE:CAPL) last issued its earnings results on Wednesday, February 25th. The oil and gas company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.11. The business had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $748.01 million. CrossAmerica Partners had a negative return on equity of 9.43% and a net margin of 1.14%. Research analysts predict that CrossAmerica Partners LP will post 0.42 earnings per share for the current year.

CrossAmerica Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 12th. Shareholders of record on Monday, February 2nd were issued a dividend of $0.525 per share. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $2.10 dividend on an annualized basis and a dividend yield of 10.2%. CrossAmerica Partners’s dividend payout ratio (DPR) is presently 203.88%.

Institutional Investors Weigh In On CrossAmerica Partners

A number of hedge funds have recently made changes to their positions in the company. Motiv8 Investments LLC acquired a new stake in CrossAmerica Partners during the 4th quarter valued at $193,000. Royal Bank of Canada increased its stake in shares of CrossAmerica Partners by 48.7% in the fourth quarter. Royal Bank of Canada now owns 7,394 shares of the oil and gas company’s stock valued at $153,000 after buying an additional 2,422 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of CrossAmerica Partners by 43.3% in the fourth quarter. Wells Fargo & Company MN now owns 6,190 shares of the oil and gas company’s stock valued at $128,000 after buying an additional 1,869 shares during the last quarter. LPL Financial LLC lifted its position in CrossAmerica Partners by 5.8% during the 4th quarter. LPL Financial LLC now owns 119,713 shares of the oil and gas company’s stock worth $2,466,000 after buying an additional 6,614 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of CrossAmerica Partners by 7.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 36,632 shares of the oil and gas company’s stock valued at $755,000 after purchasing an additional 2,640 shares during the last quarter. 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 engaged in the wholesale distribution of motor fuels across the United States. The company procures, transports and stores refined petroleum products including gasoline, diesel fuel, kerosene, heating oil and select renewable fuel blends. Through its integrated network of pipelines, terminals and truck fleets, CrossAmerica Partners supplies fuel to a broad base of customers, including convenience stores, supermarket chains, travel centers and independent marketers.

Formed in 2014 as a spin-off of Sunoco’s wholesale fuel business, CrossAmerica Partners acquired refined petroleum distribution assets and entered into long-term supply agreements designed to deliver stable, fee-based revenues.