CrossAmerica Partners LP (NYSE:CAPL) announced a quarterly dividend on Thursday, October 26th, Wall Street Journal reports. Stockholders of record on Monday, November 6th will be paid a dividend of 0.6275 per share by the oil and gas company on Monday, November 13th. This represents a $2.51 dividend on an annualized basis and a dividend yield of 9.78%. The ex-dividend date is Friday, November 3rd. This is a positive change from CrossAmerica Partners’s previous quarterly dividend of $0.62.
CrossAmerica Partners has a payout ratio of -5,020.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect CrossAmerica Partners to earn $0.42 per share next year, which means the company may not be able to cover its $2.51 annual dividend with an expected future payout ratio of 597.6%.
CrossAmerica Partners (NYSE:CAPL) last issued its quarterly earnings data on Monday, August 7th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). The business had revenue of $528.79 million for the quarter, compared to analyst estimates of $596.92 million. CrossAmerica Partners had a return on equity of 4.11% and a net margin of 0.06%.
In related news, insider Jeremy Bergeron bought 1,500 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were acquired at an average price of $26.03 per share, with a total value of $39,045.00. Following the completion of the acquisition, the insider now owns 11,061 shares in the company, valued at approximately $287,917.83. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John B. Reilly III bought 1,602 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was bought at an average cost of $25.91 per share, for a total transaction of $41,507.82. Following the acquisition, the director now owns 192,471 shares of the company’s stock, valued at approximately $4,986,923.61. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 122,235 shares of company stock valued at $3,257,064.
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A number of analysts recently issued reports on CAPL shares. Zacks Investment Research raised CrossAmerica Partners from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research report on Tuesday, July 11th. BidaskClub raised CrossAmerica Partners from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Bank of America Corporation downgraded CrossAmerica Partners from a “buy” rating to a “neutral” rating and lifted their target price for the company from $28.00 to $30.00 in a research report on Wednesday, July 26th. Finally, Raymond James Financial, Inc. boosted their price objective on CrossAmerica Partners from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. CrossAmerica Partners has a consensus rating of “Hold” and a consensus target price of $30.00.
CrossAmerica Partners Company Profile
CrossAmerica Partners LP is a limited partnership engaged in the wholesale distribution of motor fuel, and the ownership and leasing of real estate used in the retail distribution of motor fuel. The Company operates in two segments: wholesale and retail. The wholesale segment is engaged in the wholesale distribution of motor fuel to lessee dealers, independent dealers, commission agents, Dunne Manning Stores LLC (DMS), CST Brands, Inc and subsidiaries (CST) and company operated retail sites.
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