Zacks Investment Research upgraded shares of Capital Product Partners (NASDAQ:CPLP) from a hold rating to a buy rating in a research report sent to investors on Monday. Zacks Investment Research currently has $2.50 target price on the shipping company’s stock.
According to Zacks, “CAPITAL PRODUCT PARTNERS L.P. is an international shipping company and leader in the seaborne transportation of refined oil products and chemicals. Their fleet of product tankers is fully chartered under medium- to long-term time and bareboat charters. With their modern, state-of-the-art fleet and built-in growth through contracted acquisitions of additional vessels and the potential drop-down of optional vessels from the owner of their General Partner, Capital Maritime & Trading Corp., they are well-positioned to capitalize on the growth dynamics of the product tanker industry, worldwide, as well as pending regulatory changes. “
A number of other brokerages have also recently issued reports on CPLP. Wells Fargo & Co cut Capital Product Partners from an outperform rating to a market perform rating and cut their price objective for the company from $4.00 to $3.00 in a report on Thursday, January 10th. BidaskClub raised Capital Product Partners from a sell rating to a hold rating in a report on Saturday, January 5th. TheStreet cut Capital Product Partners from a c rating to a d+ rating in a report on Wednesday, October 31st. ValuEngine raised Capital Product Partners from a sell rating to a hold rating in a report on Wednesday, January 2nd. Finally, B. Riley initiated coverage on Capital Product Partners in a report on Tuesday, December 4th. They set a buy rating and a $2.75 price objective for the company. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Capital Product Partners has a consensus rating of Hold and an average target price of $2.94.
Shares of NASDAQ CPLP traded down $0.01 during midday trading on Monday, reaching $2.16. 10,447 shares of the company traded hands, compared to its average volume of 657,266. The stock has a market cap of $281.41 million, a PE ratio of 15.46 and a beta of 1.11. Capital Product Partners has a 12 month low of $2.05 and a 12 month high of $3.31. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.48 and a current ratio of 0.56.
Capital Product Partners (NASDAQ:CPLP) last issued its quarterly earnings data on Thursday, January 31st. The shipping company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.02. The company had revenue of $61.51 million during the quarter, compared to analysts’ expectations of $59.64 million. Capital Product Partners had a return on equity of 3.24% and a net margin of 0.13%. Analysts predict that Capital Product Partners will post 0.23 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Stockholders of record on Tuesday, February 5th will be paid a $0.045 dividend. The ex-dividend date of this dividend is Monday, February 4th. This represents a $0.18 dividend on an annualized basis and a dividend yield of 8.32%. Capital Product Partners’s dividend payout ratio (DPR) is presently 128.57%.
Several large investors have recently made changes to their positions in CPLP. Group One Trading L.P. acquired a new stake in shares of Capital Product Partners in the fourth quarter valued at $25,000. Acadian Asset Management LLC acquired a new stake in Capital Product Partners in the fourth quarter worth about $32,000. Concorde Asset Management LLC acquired a new stake in Capital Product Partners in the fourth quarter worth about $75,000. Wiley BROS. Aintree Capital LLC acquired a new stake in Capital Product Partners in the fourth quarter worth about $75,000. Finally, Virtu Financial LLC acquired a new stake in Capital Product Partners in the fourth quarter worth about $90,000. Institutional investors own 16.88% of the company’s stock.
About Capital Product Partners
Capital Product Partners L.P., a shipping company, provides marine transportation services in Greece. It transports a range of cargoes, including crude oil; refined oil products, such as gasoline, diesel, fuel oil and jet fuel; edible oils; chemicals, such as ethanol; and dry cargo and containerized goods under short-term voyage charters, and medium to long-term time and bareboat charters.
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