NEW YORK (TheStreet) -- Shares of Casey's General Stores (CASY - Get Report) were falling 8.68% to $121.73 on heavy trading volume mid-afternoon Wednesday after the company reported weaker-than-expected results for the 2017 fiscal first quarter.

After yesterday's closing bell, the Ankeny, IA-based convenience store operator posted earnings of $1.70 per diluted share, below analysts' estimates of $1.81 per share.

Revenue for the period was $1.97 billion, while analysts were projecting revenue of $1.99 billion.

"We were pleased with the performance inside our stores as gross profit dollars excluding fuel increased 6.7%, despite the recent weaknesses reported in the broader convenience and food service industries," CEO Terry Handley said in a statement.

More than 2.7 million of the company's shares changed hands so far today vs. its average 30-day volume of 302,250 shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.

The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, notable return on equity and good cash flow from operations.

The team believes its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: CASY