Zacks Investment Research Upgrades Capital Product Partners L.P. (CPLP) to Hold
Capital Product Partners L.P. (NASDAQ:CPLP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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 equities research analysts have also recently issued reports on the stock. Deutsche Bank AG upped their price objective on shares of Capital Product Partners L.P. from $2.50 to $4.00 and gave the stock a “hold” rating in a report on Monday, August 1st. Jefferies Group reiterated a “buy” rating on shares of Capital Product Partners L.P. in a report on Monday, August 29th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $7.75.
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Capital Product Partners L.P. (NASDAQ:CPLP) traded up 0.62% during trading on Tuesday, reaching $3.26. The company had a trading volume of 596,985 shares. The firm has a 50-day moving average price of $3.50 and a 200 day moving average price of $3.18. Capital Product Partners L.P. has a 12-month low of $2.41 and a 12-month high of $7.65. The stock has a market cap of $392.53 million, a P/E ratio of 8.86 and a beta of 1.56.
Capital Product Partners L.P. (NASDAQ:CPLP) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.10. The business earned $60.90 million during the quarter, compared to the consensus estimate of $60.89 million. Equities research analysts predict that Capital Product Partners L.P. will post $0.37 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global X Management Co. LLC raised its position in Capital Product Partners L.P. by 45.2% in the second quarter. Global X Management Co. LLC now owns 2,186,581 shares of the company’s stock worth $6,516,000 after buying an additional 680,706 shares in the last quarter. I.G. Investment Management LTD. raised its position in shares of Capital Product Partners L.P. by 3.2% in the second quarter. I.G. Investment Management LTD. now owns 142,436 shares of the company’s stock worth $424,000 after buying an additional 4,458 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Capital Product Partners L.P. during the second quarter worth approximately $180,000. Partnervest Advisory Services LLC raised its position in shares of Capital Product Partners L.P. by 18.5% in the second quarter. Partnervest Advisory Services LLC now owns 117,673 shares of the company’s stock worth $351,000 after buying an additional 18,367 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of Capital Product Partners L.P. by 27.4% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 59,931 shares of the company’s stock worth $179,000 after buying an additional 12,878 shares in the last quarter.
Capital Product Partners L.P. Company Profile
Capital Product Partners L.P. is an international owner of modern tanker, container and drybulk vessels. The Partnership owns approximately 35 vessels, including twenty modern Medium Range (MR) product tankers, four Suezmax crude oil tankers, 10 post panamax container vessels and one Capesize bulk carrier.
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