Capital Product Partners (NASDAQ:CPLP) Upgraded to “Hold” by Zacks Investment Research
Capital Product Partners L.P. logoZacks Investment Research upgraded shares of Capital Product Partners (NASDAQ:CPLP) from a sell rating to a hold rating in a research note published on Tuesday, November 14th.
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. “
CPLP has been the subject of a number of other reports. ValuEngine cut Capital Product Partners from a buy rating to a hold rating in a report on Friday, September 1st. BidaskClub cut Capital Product Partners from a sell rating to a strong sell rating in a report on Thursday, August 24th. UBS restated a neutral rating and set a $4.00 target price (down from $4.50) on shares of Capital Product Partners in a report on Wednesday, August 9th. Finally, TheStreet upgraded Capital Product Partners from a c rating to a b- rating in a research note on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $4.75.
The company has a current ratio of 0.81, a quick ratio of 0.79 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $398.34, a PE ratio of 11.25 and a beta of 1.59. Capital Product Partners has a 52-week low of $2.83 and a 52-week high of $4.00.
Capital Product Partners (NASDAQ:CPLP) last issued its quarterly earnings data on Friday, October 27th. The shipping company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. Capital Product Partners had a return on equity of 4.70% and a net margin of 17.17%. The firm had revenue of $62.68 million during the quarter, compared to the consensus estimate of $59.71 million. analysts predict that Capital Product Partners will post 0.24 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 13th. Stockholders of record on Friday, November 3rd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 10.16%. The ex-dividend date was Thursday, November 2nd. Capital Product Partners’s payout ratio is presently 114.29%.
Several institutional investors and hedge funds have recently made changes to their positions in CPLP. Goodman Financial Corp purchased a new stake in Capital Product Partners during the third quarter worth approximately $2,768,000. Fiduciary Financial Services of The Southwest Inc. TX purchased a new stake in Capital Product Partners during the second quarter worth approximately $106,000.
Arrowstreet Capital Limited Partnership purchased a new stake in Capital Product Partners during the second quarter worth approximately $3,202,000. Renaissance Technologies LLC lifted its stake in Capital Product Partners by 307.4% during the first quarter. Renaissance Technologies LLC now owns 1,117,635 shares of the shipping company’s stock worth $3,990,000 after purchasing an additional 843,300 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Capital Product Partners by 97.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,683,908 shares of the shipping company’s stock worth $6,012,000 after purchasing an additional 831,518 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.