Wells Fargo & Co cut shares of Capital Product Partners (NASDAQ:CPLP) from an outperform rating to a market perform rating in a research report released on Thursday, Marketbeat Ratings reports. They currently have $3.00 price objective on the shipping company’s stock, down from their prior price objective of $4.00.
A number of other equities research analysts have also recently issued reports on CPLP. BidaskClub upgraded Capital Product Partners from a sell rating to a hold rating in a research note on Saturday, January 5th. ValuEngine upgraded Capital Product Partners from a sell rating to a hold rating in a research report on Wednesday, January 2nd. Zacks Investment Research cut Capital Product Partners from a hold rating to a sell rating in a research report on Thursday, October 25th. B. Riley initiated coverage on Capital Product Partners in a research report on Tuesday, December 4th. They set a buy rating and a $2.75 price target on the stock. Finally, TheStreet cut Capital Product Partners from a c rating to a d+ rating in a research report on Wednesday, October 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $3.08.
Capital Product Partners stock traded down $0.01 during midday trading on Thursday, reaching $2.33. The stock had a trading volume of 367,984 shares, compared to its average volume of 482,523. Capital Product Partners has a 12 month low of $2.05 and a 12 month high of $3.60. The stock has a market capitalization of $312.54 million, a P/E ratio of 9.32 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.48 and a current ratio of 0.54.
Several institutional investors and hedge funds have recently made changes to their positions in CPLP. Russell Investments Group Ltd. bought a new stake in shares of Capital Product Partners during the third quarter valued at about $185,000. Eagle Boston Investment Management Inc. grew its holdings in shares of Capital Product Partners by 3.3% during the third quarter. Eagle Boston Investment Management Inc. now owns 567,672 shares of the shipping company’s stock worth $1,578,000 after purchasing an additional 18,247 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Capital Product Partners during the second quarter worth about $2,259,000. Goodman Financial Corp grew its holdings in shares of Capital Product Partners by 2.2% during the third quarter. Goodman Financial Corp now owns 947,442 shares of the shipping company’s stock worth $2,634,000 after purchasing an additional 20,602 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Capital Product Partners by 10.9% during the second quarter. Van ECK Associates Corp now owns 967,745 shares of the shipping company’s stock worth $2,961,000 after purchasing an additional 94,930 shares in the last quarter. Hedge funds and other institutional investors own 16.82% of the company’s stock.
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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