CrossAmerica Partners LP Declares Quarterly Dividend of $0.53 (NYSE:CAPL)

CrossAmerica Partners LP (NYSE:CAPL) announced a quarterly dividend on Wednesday, October 23rd, Wall Street Journal reports. Shareholders of record on Monday, November 4th will be paid a dividend of 0.525 per share by the oil and gas company on Wednesday, November 13th. This represents a $2.10 dividend on an annualized basis and a yield of 9.72%. The ex-dividend date of this dividend is Monday, November 4th.

CrossAmerica Partners has a payout ratio of 362.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect CrossAmerica Partners to earn $0.58 per share next year, which means the company may not be able to cover its $2.10 annual dividend with an expected future payout ratio of 362.1%.

CrossAmerica Partners Stock Performance

CrossAmerica Partners stock traded up $0.60 during mid-day trading on Thursday, reaching $21.61. The stock had a trading volume of 50,906 shares, compared to its average volume of 36,384. CrossAmerica Partners has a fifty-two week low of $18.43 and a fifty-two week high of $24.19. The stock’s 50-day simple moving average is $20.69 and its 200-day simple moving average is $20.62. The firm has a market capitalization of $821.76 million, a PE ratio of 35.38 and a beta of 1.51.

CrossAmerica Partners (NYSE:CAPL) last announced its earnings results on Wednesday, August 7th. The oil and gas company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.10. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.27 billion. CrossAmerica Partners had a negative return on equity of 314.20% and a net margin of 0.51%. On average, research analysts forecast that CrossAmerica Partners will post 0.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, StockNews.com cut CrossAmerica Partners from a “strong-buy” rating to a “buy” rating in a research report on Sunday.

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.