Capital Product Partners (CPLP) Downgraded to “Market Perform” at Wells Fargo & Co

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.

Capital Product Partners (NASDAQ:CPLP) last announced its quarterly earnings data on Wednesday, October 31st. The shipping company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.01). Capital Product Partners had a negative net margin of 3.33% and a positive return on equity of 2.61%. The firm had revenue of $58.74 million during the quarter, compared to the consensus estimate of $57.17 million. Equities research analysts forecast that Capital Product Partners will post 0.13 EPS for the current fiscal year.

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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