CrossAmerica Partners (NYSE:CAPL) Releases Earnings Results, Beats Expectations By $0.08 EPS

CrossAmerica Partners (NYSE:CAPL) posted its quarterly earnings results on Wednesday. The oil and gas company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.08, Zacks reports. The business had revenue of $971.85 million during the quarter, compared to the consensus estimate of $780.93 million. CrossAmerica Partners had a net margin of 1.19% and a negative return on equity of 32.78%.

CrossAmerica Partners Price Performance

Shares of CrossAmerica Partners stock traded up $0.44 on Thursday, hitting $20.48. The company had a trading volume of 8,090 shares, compared to its average volume of 33,972. The firm has a market capitalization of $780.66 million, a P/E ratio of 18.12 and a beta of 0.47. CrossAmerica Partners has a twelve month low of $19.50 and a twelve month high of $25.73. The stock has a 50-day moving average of $20.62 and a 200-day moving average of $21.32.

CrossAmerica Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 13th. Stockholders of record on Monday, November 3rd will be issued a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 10.3%. The ex-dividend date is Monday, November 3rd. CrossAmerica Partners’s dividend payout ratio is 185.84%.

Wall Street Analyst Weigh In

Several brokerages have commented on CAPL. Wall Street Zen raised shares of CrossAmerica Partners from a “hold” rating to a “buy” rating in a research note on Monday, August 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CrossAmerica Partners in a research note on Wednesday, October 8th. One analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.

Insider Activity at CrossAmerica Partners

In related news, Director Joseph V. Jr. Topper purchased 2,706 shares of CrossAmerica Partners stock in a transaction dated Tuesday, August 12th. The stock was bought at an average price of $20.01 per share, for a total transaction of $54,147.06. Following the completion of the acquisition, the director directly owned 1,857,649 shares of the company’s stock, valued at $37,171,556.49. This represents a 0.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Reilly III purchased 2,706 shares of CrossAmerica Partners stock in a transaction dated Tuesday, August 12th. The stock was bought at an average price of $20.01 per share, with a total value of $54,147.06. Following the acquisition, the director directly owned 4,967,317 shares of the company’s stock, valued at approximately $99,396,013.17. This trade represents a 0.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 9,084 shares of company stock valued at $180,779 in the last quarter. Corporate insiders own 52.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its holdings in CrossAmerica Partners by 3.7% during the first quarter. Goldman Sachs Group Inc. now owns 39,040 shares of the oil and gas company’s stock worth $959,000 after purchasing an additional 1,375 shares during the last quarter. Acadian Asset Management LLC acquired a new position in CrossAmerica Partners during the first quarter worth $535,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in CrossAmerica Partners by 4.8% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 610,616 shares of the oil and gas company’s stock worth $12,774,000 after purchasing an additional 27,767 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in CrossAmerica Partners by 36.3% during the second quarter. Osaic Holdings Inc. now owns 14,301 shares of the oil and gas company’s stock worth $299,000 after purchasing an additional 3,812 shares during the last quarter. Institutional investors and hedge funds 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.