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. Stockholders of record on Friday, May 3rd will be paid a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 9.09%. The ex-dividend date is Thursday, May 2nd. CrossAmerica Partners’s dividend payout ratio (DPR) is currently 200.00%.

Analyst Upgrades and Downgrades

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

CrossAmerica Partners Stock Performance

The company has a market cap of $877.72 million, a PE ratio of 22.01 and a beta of 1.53. The company has a current ratio of 0.67, a quick ratio of 0.35 and a debt-to-equity ratio of 250.71. The business’s 50 day moving average is $22.32 and its two-hundred day moving average is $22.49.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAPL. Apollon Wealth Management LLC lifted its holdings in shares of CrossAmerica Partners by 3.3% in the fourth quarter. Apollon Wealth Management LLC now owns 15,154 shares of the oil and gas company’s stock worth $346,000 after buying an additional 489 shares in the last quarter. American Financial Group Inc. boosted its holdings in shares of CrossAmerica Partners by 4.3% during 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. Raymond James & Associates grew its position in shares of CrossAmerica Partners by 0.9% during the fourth quarter. Raymond James & Associates now owns 87,923 shares of the oil and gas company’s stock valued at $2,005,000 after purchasing an additional 774 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of CrossAmerica Partners by 0.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 205,698 shares of the oil and gas company’s stock worth $4,688,000 after purchasing an additional 823 shares during the last quarter. Finally, Blackstone Inc. lifted its position in shares of CrossAmerica Partners by 1.5% in the third quarter. Blackstone Inc. now owns 75,163 shares of the oil and gas company’s stock worth $1,630,000 after buying an additional 1,102 shares in the last quarter. 24.06% of the stock is currently owned by institutional investors.

About CrossAmerica Partners

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.