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Casey’s General Store (CASY) may want to rethink its current spending spree.

Evidence is mounting: The attempts to prop up its franchise with more capital spending can’t work forever. At some point, Casey’s shares will be weighed down by the sheer size of its own largesse.

The $4 billion gas station/restaurant chain, located largely in the Midwest U.S, has seen capital spending rise 150% since 2011 and increase 37% over the past two years.

Hedgeye analyst Howard Penney thinks Casey’s should reconsider its tactics. “They should slow growth, not accelerate growth,” Penney says in the video above.

“Something has to change. They can’t continue to show these numbers.” Those numbers include a $300 million share repurchase program, a 17.9% decline in ROIIC, its highest leverage ratio since 2014, just to name a few.

In short, something has to give. Management might want to go back to the drawing board.

Watch the video above for more.

Penney: Why I’m Bearish on Casey’s General Store - early look