Capital Product Partners L.P. (NASDAQ:CPLP) announced a quarterly dividend on Friday, October 19th, Wall Street Journal reports. Stockholders of record on Monday, November 5th will be given a dividend of 0.08 per share by the shipping company on Wednesday, November 14th. This represents a $0.32 annualized dividend and a dividend yield of 11.55%. The ex-dividend date of this dividend is Friday, November 2nd.
Capital Product Partners has decreased its dividend payment by an average of 29.9% per year over the last three years. Capital Product Partners has a payout ratio of 246.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Capital Product Partners to earn $0.28 per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of 114.3%.
CPLP stock traded up $0.01 during trading on Friday, hitting $2.77. The company had a trading volume of 360,603 shares, compared to its average volume of 403,864. The stock has a market capitalization of $364.42 million, a PE ratio of 11.04 and a beta of 1.23. Capital Product Partners has a 1-year low of $2.69 and a 1-year high of $3.60. The company has a quick ratio of 0.38, a current ratio of 0.46 and a debt-to-equity ratio of 0.46.
Capital Product Partners (NASDAQ:CPLP) last issued its quarterly earnings results on Friday, July 27th. The shipping company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.03). The company had revenue of $65.54 million during the quarter, compared to analyst estimates of $59.82 million. Capital Product Partners had a net margin of 8.86% and a return on equity of 2.90%. Analysts expect that Capital Product Partners will post 0.13 earnings per share for the current fiscal year.
Several equities analysts recently issued reports on CPLP shares. Zacks Investment Research cut Capital Product Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. BidaskClub upgraded Capital Product Partners from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 28th. Janney Montgomery Scott cut Capital Product Partners from a “buy” rating to a “neutral” rating and dropped their price target for the company from $4.50 to $3.50 in a research report on Wednesday, August 29th. Finally, ValuEngine upgraded Capital Product Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $4.25.
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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