Capital Product Partners L.P. (NASDAQ:CPLP)’s share price hit a new 52-week low during trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $10.25 and last traded at $10.31, with a volume of 928 shares changing hands. The stock had previously closed at $10.64.
The shipping company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.41). The business had revenue of $26.28 million for the quarter, compared to the consensus estimate of $57.93 million. Capital Product Partners had a positive return on equity of 3.64% and a negative net margin of 59.95%.
The firm also recently declared a special dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, May 13th will be paid a dividend of $0.315 per share. The ex-dividend date is Friday, May 10th. Capital Product Partners’s dividend payout ratio (DPR) is 128.57%.
CPLP has been the subject of a number of recent research reports. BidaskClub downgraded shares of Capital Product Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, March 12th. ValuEngine downgraded shares of Capital Product Partners from a “hold” rating to a “sell” rating in a research note on Saturday, February 2nd. Zacks Investment Research raised shares of Capital Product Partners from a “hold” rating to a “buy” rating and set a $17.50 price target for the company in a research note on Monday, February 4th. Finally, B. Riley reissued a “buy” rating and set a $14.00 price target (up from $12.25) on shares of Capital Product Partners in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. Capital Product Partners presently has an average rating of “Hold” and an average target price of $17.88.
A number of large investors have recently modified their holdings of CPLP. Group One Trading L.P. bought a new stake in Capital Product Partners in the fourth quarter valued at approximately $25,000. BlackRock Inc. bought a new stake in Capital Product Partners in the first quarter valued at approximately $25,000. Acadian Asset Management LLC bought a new stake in Capital Product Partners in the fourth quarter valued at approximately $32,000. Madrona Financial Services LLC bought a new stake in Capital Product Partners in the fourth quarter valued at approximately $35,000. Finally, Two Sigma Securities LLC bought a new stake in Capital Product Partners in the fourth quarter valued at approximately $40,000.
The company has a current ratio of 0.56, a quick ratio of 0.49 and a debt-to-equity ratio of 0.50. The company has a market cap of $191.25 million, a P/E ratio of 10.51 and a beta of 1.04.
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About Capital Product Partners (NASDAQ:CPLP)
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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