Royal Bank Of Canada Cuts CrossAmerica Partners LP (CAPL) Price Target to $28.00
CrossAmerica Partners LP (NYSE:CAPL) had its target price trimmed by Royal Bank Of Canada from $30.00 to $28.00 in a research report released on Thursday morning, MarketBeat.com reports. The brokerage currently has a sector perform rating on the oil and gas company’s stock.
Several other analysts have also recently weighed in on CAPL. BidaskClub raised shares of CrossAmerica Partners from a hold rating to a buy rating in a research note on Wednesday, July 19th. Bank of America Corporation cut shares of CrossAmerica Partners from a buy rating to a neutral rating and upped their price objective for the stock from $28.00 to $30.00 in a research note on Wednesday, July 26th. Raymond James Financial, Inc. upped their price objective on shares of CrossAmerica Partners from $28.00 to $30.00 and gave the stock an outperform rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research cut shares of CrossAmerica Partners from a buy rating to a hold rating in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $30.20.
Shares of CrossAmerica Partners (NYSE:CAPL) opened at $25.15 on Thursday. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.57 and a current ratio of 0.70. The firm has a market cap of $854.72, a PE ratio of 114.32 and a beta of 1.32. CrossAmerica Partners has a 52 week low of $23.26 and a 52 week high of $29.80.
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The business also recently declared a quarterly dividend, which will be paid on Monday, November 13th. Stockholders of record on Monday, November 6th will be paid a dividend of $0.6275 per share. This is a boost from CrossAmerica Partners’s previous quarterly dividend of $0.62. This represents a $2.51 annualized dividend and a dividend yield of 9.98%. The ex-dividend date is Friday, November 3rd. CrossAmerica Partners’s dividend payout ratio is -25,100,000.00%.
In related news, Director Joseph V. Jr. Topper purchased 2,363 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were acquired at an average cost of $26.26 per share, with a total value of $62,052.38. Following the completion of the purchase, the director now directly owns 163,544 shares of the company’s stock, valued at $4,294,665.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph V. Jr. Topper purchased 2,100 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were bought at an average cost of $26.24 per share, for a total transaction of $55,104.00. Following the completion of the purchase, the director now directly owns 163,544 shares of the company’s stock, valued at $4,291,394.56. The disclosure for this purchase can be found here. Insiders have bought 69,133 shares of company stock worth $1,876,511 over the last three months.
A number of hedge funds and other institutional investors have recently made changes to their positions in CAPL. Wells Fargo & Company MN lifted its holdings 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 valued at $488,000 after buying an additional 412 shares during the period. Ameriprise Financial Inc. acquired a new position in CrossAmerica Partners in the first quarter valued at approximately $265,000. Credit Suisse AG lifted its holdings in CrossAmerica Partners by 6.8% in the first quarter. Credit Suisse AG now owns 23,954 shares of the oil and gas company’s stock valued at $628,000 after buying an additional 1,523 shares during the period. Bank of Montreal Can acquired a new position in CrossAmerica Partners in the second quarter valued at approximately $255,000. Finally, Advisors Capital Management LLC lifted its holdings in CrossAmerica Partners by 5.3% in the second quarter. Advisors Capital Management LLC now owns 134,342 shares of the oil and gas company’s stock valued at $3,426,000 after buying an additional 6,819 shares during the period. Institutional investors and hedge funds own 34.66% of the company’s stock.
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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