CrossAmerica Partners (NYSE:CAPL) Sets New 12-Month High – Here’s What Happened

CrossAmerica Partners LP (NYSE:CAPL) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $24.00 and last traded at $23.93, with a volume of 3916 shares traded. The stock had previously closed at $23.89.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of CrossAmerica Partners from a “buy” rating to a “strong-buy” rating in a research note on Monday.

CrossAmerica Partners Stock Performance

The company has a market capitalization of $922.19 million, a P/E ratio of 46.60 and a beta of 1.48. The firm’s fifty day moving average is $23.01 and its 200 day moving average is $21.84.

CrossAmerica Partners (NYSE:CAPL) last issued its quarterly earnings results on Wednesday, February 26th. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.38. The firm had revenue of $944.22 million during the quarter, compared to analyst estimates of $1.21 billion. CrossAmerica Partners had a negative return on equity of 104.40% and a net margin of 0.50%. On average, analysts forecast that CrossAmerica Partners LP will post 0.42 EPS for the current year.

CrossAmerica Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 13th. Stockholders of record on Monday, February 3rd were issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 8.67%. The ex-dividend date of this dividend was Monday, February 3rd. CrossAmerica Partners’s payout ratio is presently 403.85%.

Institutional Investors Weigh In On CrossAmerica Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans raised its stake in shares of CrossAmerica Partners by 18.8% during the third quarter. Thrivent Financial for Lutherans now owns 27,021 shares of the oil and gas company’s stock valued at $560,000 after acquiring an additional 4,267 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of CrossAmerica Partners by 5.7% in the third quarter. Sanctuary Advisors LLC now owns 18,554 shares of the oil and gas company’s stock valued at $377,000 after acquiring an additional 1,000 shares in the last quarter. Franklin Resources Inc. purchased a new stake in CrossAmerica Partners in the third quarter worth about $279,000. JPMorgan Chase & Co. grew its holdings in CrossAmerica Partners by 8.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 361,231 shares of the oil and gas company’s stock worth $7,485,000 after acquiring an additional 28,991 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of CrossAmerica Partners by 27.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 28,951 shares of the oil and gas company’s stock valued at $637,000 after purchasing an additional 6,259 shares in the last quarter. Institutional investors own 24.06% of the company’s stock.

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.