CAPL - CrossAmerica Partners: I'm Still Not A Fan Despite Turning Bullish On Sunoco

• CrossAmerica Partners and Sunoco are quite similar in terms of operational nature, financial resilience during 2020, and both also have very high distribution yields of around 10%.
• Whilst I have previously turned bullish on Sunoco, the same is not happening with CrossAmerica Partners.
• This primarily stems from CAPL's significantly less desirable distribution coverage.
• Their very high leverage and weak liquidity are also less desirable.
• Whilst they have similar distribution yields, these factors keep those of CrossAmerica Partners risky and thus my neutral rating is being maintained.

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