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

CrossAmerica Partners LP (NYSE:CAPL)’s share price gapped up before the market opened 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 changing hands.

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

Analysts Set New Price Targets

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

CrossAmerica Partners Trading Up 0.3 %

The stock has a market cap of $877.72 million, a price-to-earnings ratio of 22.01 and a beta of 1.53. The business has a 50-day simple moving average of $22.32 and a two-hundred day simple moving average of $22.49. The company has a debt-to-equity ratio of 250.71, a quick ratio of 0.35 and a current ratio of 0.67.

CrossAmerica Partners (NYSE:CAPL) last announced 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. CrossAmerica Partners had a net margin of 0.93% and a return on equity of 197.82%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.11 billion. As a group, research analysts forecast that CrossAmerica Partners LP will post 0.95 EPS for the current year.

Institutional Trading of CrossAmerica Partners

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in shares of CrossAmerica Partners by 4.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 646,510 shares of the oil and gas company’s stock worth $14,023,000 after purchasing an additional 24,730 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in CrossAmerica Partners during the third quarter worth $205,000. Raymond James Financial Services Advisors Inc. lifted its stake in CrossAmerica Partners by 3.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 198,611 shares of the oil and gas company’s stock valued at $4,308,000 after acquiring an additional 6,651 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in CrossAmerica Partners by 24.5% in the third quarter. Exchange Traded Concepts LLC now owns 21,350 shares of the oil and gas company’s stock valued at $463,000 after acquiring an additional 4,202 shares during the last quarter. Finally, Tortoise Index Solutions LLC grew its position in shares of 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 acquiring an additional 2,745 shares during the period. 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.