StockNews.com Upgrades CrossAmerica Partners (NYSE:CAPL) to Strong-Buy

StockNews.com upgraded shares of CrossAmerica Partners (NYSE:CAPL) from a buy rating to a strong-buy rating in a research note released on Friday morning.

CrossAmerica Partners Price Performance

CrossAmerica Partners stock opened at $20.00 on Friday. The firm has a 50 day simple moving average of $20.98 and a 200-day simple moving average of $20.33. CrossAmerica Partners has a 1-year low of $18.43 and a 1-year high of $24.19. The stock has a market cap of $760.94 million, a price-to-earnings ratio of 38.46 and a beta of 1.50.

CrossAmerica Partners (NYSE:CAPL) last posted its quarterly earnings results on Wednesday, November 6th. The oil and gas company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.02. CrossAmerica Partners had a net margin of 0.50% and a negative return on equity of 104.40%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the prior year, the company posted $0.31 EPS. Equities analysts expect that CrossAmerica Partners will post 0.42 earnings per share for the current fiscal year.

CrossAmerica Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Monday, November 4th were given a dividend of $0.525 per share. The ex-dividend date was Monday, November 4th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 10.50%. CrossAmerica Partners’s payout ratio is currently 403.85%.

Hedge Funds Weigh In On CrossAmerica Partners

A number of hedge funds have recently made changes to their positions in CAPL. Acadian Asset Management LLC purchased a new position in shares of CrossAmerica Partners during the 1st quarter worth approximately $31,000. EverSource Wealth Advisors LLC boosted its position in shares of CrossAmerica Partners by 376.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,531 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,000 shares during the period. B. Riley Wealth Advisors Inc. acquired a new stake in CrossAmerica Partners during the 1st quarter worth approximately $205,000. IFG Advisory LLC acquired a new stake in CrossAmerica Partners during the 2nd quarter worth approximately $332,000. Finally, Sanctuary Advisors LLC acquired a new stake in CrossAmerica Partners during the 2nd quarter worth approximately $348,000. Hedge funds and other 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.