Genesis Energy, L.P. (GEL) Sees Large Volume Increase
Shares of Genesis Energy, L.P. (NYSE:GEL) saw an uptick in trading volume on Wednesday . 570,690 shares traded hands during trading, an increase of 37% from the previous session’s volume of 417,812 shares.The stock last traded at $35.66 and had previously closed at $35.95.
A number of brokerages have commented on GEL. Wunderlich cut their price target on shares of Genesis Energy, L.P. from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Thursday, August 4th. Citigroup Inc. cut their price target on shares of Genesis Energy, L.P. from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, August 4th. Barclays PLC cut their price target on shares of Genesis Energy, L.P. from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 5th. Zacks Investment Research raised shares of Genesis Energy, L.P. from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Tuesday, July 5th. Finally, TheStreet raised shares of Genesis Energy, L.P. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 14th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $42.22.
The firm has a market cap of $4.22 billion and a P/E ratio of 8.71. The firm has a 50 day moving average price of $36.97 and a 200-day moving average price of $33.97.
Genesis Energy, L.P. (NYSE:GEL) last released its earnings results on Wednesday, August 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.15. During the same period in the previous year, the business earned $0.12 EPS. The firm had revenue of $446 million for the quarter, compared to analysts’ expectations of $585.96 million. The company’s revenue was down 32.0% on a year-over-year basis. Equities research analysts expect that Genesis Energy, L.P. will post $1.30 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, July 29th were issued a $0.69 dividend. This is an increase from Genesis Energy, L.P.’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Wednesday, July 27th. This represents a $2.76 annualized dividend and a dividend yield of 7.71%.
An institutional investor recently raised its position in Genesis Energy, L.P. stock. Bank of Montreal Can boosted its stake in Genesis Energy, L.P. (NYSE:GEL) by 103.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 280,139 shares of the company’s stock after buying an additional 142,143 shares during the period. Bank of Montreal Can owned 0.25% of Genesis Energy, L.P. worth $10,293,000 as of its most recent filing with the SEC.
Genesis Energy, L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through five segments: Offshore Pipeline Transportation, Onshore 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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