CrossAmerica Partners (NYSE:CAPL – Get Free Report) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.
A number of other research analysts also recently issued reports on CAPL. Wall Street Zen raised shares of CrossAmerica Partners from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Weiss Ratings raised shares of CrossAmerica Partners from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, CrossAmerica Partners currently has a consensus rating of “Hold”.
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CrossAmerica Partners Trading Up 0.5%
CrossAmerica Partners (NYSE:CAPL – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.26 earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.42. The firm had revenue of $841.83 million during the quarter, compared to analysts’ expectations of $697.31 million. CrossAmerica Partners had a net margin of 1.64% and a negative return on equity of 22.21%. Analysts forecast that CrossAmerica Partners will post 0.93 earnings per share for the current year.
Institutional Trading of CrossAmerica Partners
Hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its stake in CrossAmerica Partners by 40.0% in the 1st quarter. NewEdge Advisors LLC now owns 2,100 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 600 shares during the period. CWM LLC raised its position in CrossAmerica Partners by 35.5% during the fourth quarter. CWM LLC now owns 3,387 shares of the oil and gas company’s stock worth $70,000 after acquiring an additional 887 shares during the period. North Star Investment Management Corp. purchased a new position in CrossAmerica Partners during the first quarter valued at $105,000. Wells Fargo & Company MN lifted its holdings in CrossAmerica Partners by 43.3% during the fourth quarter. Wells Fargo & Company MN now owns 6,190 shares of the oil and gas company’s stock valued at $128,000 after purchasing an additional 1,869 shares in the last quarter. Finally, Royal Bank of Canada grew its position in shares of CrossAmerica Partners by 48.7% in the fourth quarter. Royal Bank of Canada now owns 7,394 shares of the oil and gas company’s stock valued at $153,000 after purchasing an additional 2,422 shares during the period. 24.06% of the stock is owned by hedge funds and other institutional investors.
About CrossAmerica Partners
CrossAmerica Partners LP (NYSE:CAPL) is a publicly traded master limited partnership engaged in the wholesale distribution of motor fuels across the United States. The company procures, transports and stores refined petroleum products including gasoline, diesel fuel, kerosene, heating oil and select renewable fuel blends. Through its integrated network of pipelines, terminals and truck fleets, CrossAmerica Partners supplies fuel to a broad base of customers, including convenience stores, supermarket chains, travel centers and independent marketers.
Formed in 2014 as a spin-off of Sunoco’s wholesale fuel business, CrossAmerica Partners acquired refined petroleum distribution assets and entered into long-term supply agreements designed to deliver stable, fee-based revenues.
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