Genesis Energy, L.P. (GEL) Rating Lowered to Strong Sell at Zacks Investment Research
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. “
A number of other brokerages have also weighed in on GEL. Wunderlich cut their target price on shares of Genesis Energy, L.P. from $41.00 to $39.00 and set a buy rating for the company in a research report on Thursday, August 4th. Citigroup Inc. cut their target price on shares of Genesis Energy, L.P. from $46.00 to $43.00 and set a buy rating for the company in a research report on Thursday, August 4th. TheStreet upgraded shares of Genesis Energy, L.P. from a hold rating to a buy rating in a research report on Tuesday, June 14th. Janney Montgomery Scott reiterated a buy rating and set a $44.00 target price (up previously from $32.00) on shares of Genesis Energy, L.P. in a research report on Thursday, June 16th. Finally, Barclays PLC increased their target price on shares of Genesis Energy, L.P. from $33.00 to $36.00 and gave the stock an equal weight rating in a research report on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. Genesis Energy, L.P. currently has a consensus rating of Buy and a consensus price target of $41.25.
Genesis Energy, L.P. (NYSE:GEL) opened at 36.80 on Wednesday. Genesis Energy, L.P. has a 52-week low of $19.55 and a 52-week high of $44.00. The firm has a market capitalization of $4.34 billion, a PE ratio of 8.96 and a beta of 1.09. The company’s 50-day moving average is $35.85 and its 200-day moving average is $35.73.
Genesis Energy, L.P. (NYSE:GEL) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by $0.15. The company had revenue of $446 million for the quarter, compared to analyst estimates of $585.96 million. During the same period in the previous year, the business earned $0.12 EPS. The business’s revenue was down 32.0% compared to the same quarter last year. Analysts forecast that Genesis Energy, L.P. will post $1.30 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Friday, October 28th will be paid a $0.70 dividend. This is an increase from Genesis Energy, L.P.’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 7.61%. The ex-dividend date of this dividend is Wednesday, October 26th.
A number of large investors have recently made changes to their positions in the stock. Creative Planning increased its stake in shares of Genesis Energy, L.P. by 9.4% in the second quarter. Creative Planning now owns 214,167 shares of the company’s stock worth $8,218,000 after buying an additional 18,342 shares in the last quarter. Hollencrest Securities LLC increased its stake in shares of Genesis Energy, L.P. by 86.5% in the second quarter. Hollencrest Securities LLC now owns 42,472 shares of the company’s stock worth $1,630,000 after buying an additional 19,700 shares in the last quarter. Spirit of America Management Corp NY increased its stake in shares of Genesis Energy, L.P. by 41.5% in the second quarter. Spirit of America Management Corp NY now owns 361,342 shares of the company’s stock worth $13,865,000 after buying an additional 106,050 shares in the last quarter. Babson Capital Management LLC bought a new stake in shares of Genesis Energy, L.P. during the first quarter worth $2,015,000. Finally, Mariner Wealth Advisors LLC bought a new stake in shares of Genesis Energy, L.P. during the first quarter worth $528,000.
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 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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