Zacks Investment Research upgraded shares of Genesis Energy, L.P. (NYSE:GEL) from a hold rating to a buy rating in a research note published on Wednesday. The firm currently has $35.00 price target on the pipeline company’s stock.
According to Zacks, “Genesis Energy operates crude oil common carrier pipelines and is an independent gatherer and marketer of crude oil in North America, with operations concentrated in Texas, Louisiana, Alabama, Florida, Mississippi and New Mexico. “
Several other research firms have also commented on GEL. Vetr lowered Genesis Energy, L.P. from a strong-buy rating to a buy rating and set a $38.00 target price on the stock. in a report on Wednesday, March 15th. BidaskClub raised Genesis Energy, L.P. from a sell rating to a hold rating in a report on Monday, July 3rd. Mitsubishi UFJ Financial Group Inc dropped their price objective on Genesis Energy, L.P. from $38.00 to $37.00 and set a neutral rating on the stock in a report on Friday, March 24th. Mitsubishi UFJ Financial Group reaffirmed a neutral rating and set a $37.00 price objective (down previously from $38.00) on shares of Genesis Energy, L.P. in a report on Thursday, March 23rd. Finally, Credit Suisse Group raised Genesis Energy, L.P. from a neutral rating to an outperform rating in a report on Monday, May 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $38.31.
Genesis Energy, L.P. (NYSE:GEL) traded down 0.63% during mid-day trading on Wednesday, reaching $31.59. The company had a trading volume of 403,844 shares. The stock’s 50-day moving average price is $30.62 and its 200 day moving average price is $33.12. The firm has a market capitalization of $3.87 billion, a PE ratio of 34.75 and a beta of 1.21. Genesis Energy, L.P. has a 52 week low of $28.16 and a 52 week high of $40.90.
Genesis Energy, L.P. (NYSE:GEL) last posted its earnings results on Thursday, May 4th. The pipeline company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. The firm had revenue of $415.50 million for the quarter, compared to analyst estimates of $468.64 million. Genesis Energy, L.P. had a return on equity of 4.98% and a net margin of 6.00%. Genesis Energy, L.P.’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.32 earnings per share. On average, equities research analysts predict that Genesis Energy, L.P. will post $1.13 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be given a $0.723 dividend. The ex-dividend date is Thursday, July 27th. This represents a $2.89 dividend on an annualized basis and a yield of 9.15%. This is an increase from Genesis Energy, L.P.’s previous quarterly dividend of $0.60. Genesis Energy, L.P.’s dividend payout ratio (DPR) is presently 313.04%.
In other news, CFO Robert V. Deere acquired 34,000 shares of Genesis Energy, L.P. stock in a transaction that occurred on Tuesday, June 13th. The stock was purchased at an average price of $30.34 per share, for a total transaction of $1,031,560.00. Following the completion of the transaction, the chief financial officer now directly owns 783,935 shares in the company, valued at $23,784,587.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. boosted its position in shares of Genesis Energy, L.P. by 41.5% in the first quarter. Advisors Asset Management Inc. now owns 82,657 shares of the pipeline company’s stock worth $2,680,000 after buying an additional 24,243 shares during the period. First Trust Advisors LP boosted its position in shares of Genesis Energy, L.P. by 33.8% in the first quarter. First Trust Advisors LP now owns 327,013 shares of the pipeline company’s stock worth $10,602,000 after buying an additional 82,529 shares during the period. Usca Ria LLC boosted its position in shares of Genesis Energy, L.P. by 85.2% in the first quarter. Usca Ria LLC now owns 14,510 shares of the pipeline company’s stock worth $470,000 after buying an additional 6,675 shares during the period. Virtu Financial LLC boosted its position in shares of Genesis Energy, L.P. by 68.4% in the first quarter. Virtu Financial LLC now owns 19,350 shares of the pipeline company’s stock worth $627,000 after buying an additional 7,857 shares during the period. Finally, Paragon Capital Management Ltd bought a new position in shares of Genesis Energy, L.P. during the first quarter worth about $292,000. 74.24% of the stock is owned by institutional investors.
Genesis Energy, L.P. Company Profile
Genesis Energy L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through four segments: Offshore Pipeline Transportation, Refinery Services, Marine Transportation, and Supply and Logistics. The Offshore Pipeline Transportation segment is engaged in the offshore transportation of crude oil and natural gas in the Gulf of Mexico.
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