Capital Product Partners (NASDAQ:CPLP) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Capital Product Partners (NASDAQ:CPLP) posted its earnings results on Wednesday. The shipping company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01, Morningstar.com reports. Capital Product Partners had a positive return on equity of 4.19% and a negative net margin of 59.95%. The business had revenue of $26.83 million during the quarter, compared to analysts’ expectations of $27.32 million.

Shares of CPLP traded down $0.28 during midday trading on Thursday, reaching $11.20. The stock had a trading volume of 157,700 shares, compared to its average volume of 116,425. The business has a 50-day moving average price of $10.83. Capital Product Partners has a 12-month low of $9.68 and a 12-month high of $21.63. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $205.50 million, a P/E ratio of 11.43 and a beta of 0.98.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Friday, August 2nd will be issued a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a dividend yield of 11.25%. The ex-dividend date is Thursday, August 1st. Capital Product Partners’s payout ratio is currently 128.57%.

Several equities analysts recently commented on CPLP shares. ValuEngine cut Capital Product Partners from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 1st. Zacks Investment Research cut Capital Product Partners from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 23rd. Wells Fargo & Co restated a “hold” rating on shares of Capital Product Partners in a research report on Tuesday, May 21st. Finally, B. Riley set a $14.00 target price on Capital Product Partners and gave the stock a “buy” rating in a research report on Tuesday, May 14th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. Capital Product Partners presently has an average rating of “Hold” and a consensus target price of $17.88.

Several institutional investors and hedge funds have recently bought and sold shares of CPLP. Mraz Amerine & Associates Inc. boosted its holdings in shares of Capital Product Partners by 109.8% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 23,118 shares of the shipping company’s stock worth $53,000 after purchasing an additional 12,100 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Capital Product Partners by 385.3% in the 4th quarter. Millennium Management LLC now owns 60,073 shares of the shipping company’s stock worth $126,000 after purchasing an additional 47,695 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Capital Product Partners by 113.6% in the 4th quarter. Geode Capital Management LLC now owns 279,574 shares of the shipping company’s stock worth $584,000 after purchasing an additional 148,676 shares in the last quarter. Two Sigma Investments LP boosted its holdings in shares of Capital Product Partners by 273.9% in the 4th quarter. Two Sigma Investments LP now owns 467,551 shares of the shipping company’s stock worth $977,000 after purchasing an additional 342,493 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in shares of Capital Product Partners by 18.3% in the 4th quarter. Two Sigma Advisers LP now owns 508,500 shares of the shipping company’s stock worth $1,063,000 after purchasing an additional 78,684 shares in the last quarter. Hedge funds and other institutional investors own 28.37% of the company’s stock.

About Capital Product Partners

Capital Product Partners LP operates as an international shipping company. It engages in the seaborne transportation of cargo, including crude oil, refined oil products and chemicals. The company fleet consists of vessels, suezmax crude oil tankers, medium range tankers, and capesize bulk carrier. Capital Product Partners was founded on January 16, 2007 and is headquartered in Piraeus, Greece.

Further Reading: What is the significance of a dead cat bounce?

Earnings History for Capital Product Partners (NASDAQ:CPLP)

Receive News & Ratings for Capital Product Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Capital Product Partners and related companies with MarketBeat.com's FREE daily email newsletter.