CrossAmerica Partners LP - Unit (CAPL) Declares $0.52 Dividend

CrossAmerica Partners LP - Unit said on April 20, 2023 that its board of directors declared a regular quarterly dividend of $0.52 per share ($2.10 annualized). Previously, the company paid $0.52 per share.

Shares must be purchased before the ex-div date of May 2, 2023 to qualify for the dividend. Shareholders of record as of May 3, 2023 will receive the payment on May 10, 2023.

At the current share price of $21.68 / share, the stock's dividend yield is 9.69%. Looking back five years and taking a sample every week, the average dividend yield has been 12.31%, the lowest has been 9.04%, and the highest has been 24.17%. The standard deviation of yields is 2.42 (n=236).

The current dividend yield is 1.08 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 1.25. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company has not increased its dividend in the last three years.

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What is the Fund Sentiment?

There are 72 funds or institutions reporting positions in CrossAmerica Partners LP - Unit. This is an increase of 8 owner(s) or 12.50% in the last quarter. Average portfolio weight of all funds dedicated to CAPL is 0.19%, a decrease of 3.80%. Total shares owned by institutions increased in the last three months by 4.96% to 15,866K shares. The put/call ratio of CAPL is 0.22, indicating a bullish outlook.

Analyst Price Forecast Suggests 5.90% Downside

As of March 24, 2023, the average one-year price target for CrossAmerica Partners LP - Unit is $20.40. The forecasts range from a low of $20.20 to a high of $21.00. The average price target represents a decrease of 5.90% from its latest reported closing price of $21.68.

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The projected annual revenue for CrossAmerica Partners LP - Unit is $2,883MM, a decrease of 38.62%. The projected annual non-GAAP EPS is $0.94.

What are Other Shareholders Doing?

Invesco holds 5,763K shares representing 15.19% ownership of the company. In it's prior filing, the firm reported owning 5,837K shares, representing a decrease of 1.29%. The firm decreased its portfolio allocation in CAPL by 4.68% over the last quarter.

MLPRX - Invesco Oppenheimer SteelPath MLP Income Fund Class C holds 3,748K shares representing 9.88% ownership of the company. In it's prior filing, the firm reported owning 3,248K shares, representing an increase of 13.34%. The firm increased its portfolio allocation in CAPL by 6.42% over the last quarter.

MLPEX - Invesco Oppenheimer SteelPath MLP Select 40 Fund Class C holds 2,015K shares representing 5.31% ownership of the company. In it's prior filing, the firm reported owning 2,515K shares, representing a decrease of 24.82%. The firm decreased its portfolio allocation in CAPL by 24.03% over the last quarter.

Mirae Asset Global Investments Co. holds 713K shares representing 1.88% ownership of the company. In it's prior filing, the firm reported owning 685K shares, representing an increase of 3.93%. The firm increased its portfolio allocation in CAPL by 6.78% over the last quarter.

DIV - Global X SuperDividend U.S. ETF holds 711K shares representing 1.87% ownership of the company. In it's prior filing, the firm reported owning 704K shares, representing an increase of 0.92%. The firm increased its portfolio allocation in CAPL by 13.78% over the last quarter.

CrossAmerica Partners Background Information
(This description is provided by the company.)

CrossAmerica Partners is a leading wholesale distributor of motor fuels, convenience store operator and owner and lessor of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is indirectly owned and controlled by entities affiliated with Joseph V. Topper, Jr., the founder of CrossAmerica Partners and a member of the board of the general partner since 2012. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to approximately 1,700 locations and owns or leases approximately 1,100 sites. With a geographic footprint covering 34 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo, Marathon and Phillips 66. CrossAmerica Partners ranks as one of ExxonMobil's largest distributors by fuel volume in the United States and in the top 10 for additional brands.

This story originally appeared on Fintel.