Genesis Energy, L.P. (GEL) Sees Strong Trading Volume
Genesis Energy, L.P. (NYSE:GEL) saw strong trading volume on Friday . 691,904 shares traded hands during trading, an increase of 14% from the previous session’s volume of 608,053 shares.The stock last traded at $40.26 and had previously closed at $40.47.
A number of research analysts have weighed in on the company. Zacks Investment Research upgraded Genesis Energy, L.P. from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Tuesday, July 5th. 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 report on Thursday, June 16th. Barclays PLC reduced their target price on Genesis Energy, L.P. from $35.00 to $33.00 and set an “equal weight” rating on the stock in a report on Thursday, May 5th. TheStreet upgraded Genesis Energy, L.P. from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Finally, Citigroup Inc. upgraded Genesis Energy, L.P. from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $48.00 to $46.00 in a report on Friday, July 1st. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $44.80.
The stock’s 50-day moving average is $38.30 and its 200-day moving average is $32.08. The firm has a market cap of $4.43 billion and a price-to-earnings ratio of 9.82.
Genesis Energy, L.P. (NYSE:GEL) last announced its quarterly earnings data on Wednesday, May 4th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.03. The business had revenue of $378.40 million for the quarter, compared to analyst estimates of $562.47 million. Genesis Energy, L.P.’s revenue was down 28.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.21 earnings per share. Equities analysts anticipate that Genesis Energy, L.P. will post $1.57 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, July 29th will be paid a $0.69 dividend. This is a boost from Genesis Energy, L.P.’s previous quarterly dividend of $0.67. This represents a $2.76 annualized dividend and a yield of 6.86%. The ex-dividend date is Wednesday, July 27th.
Other hedge funds recently bought and sold shares of the company. RR Advisors LLC increased its stake in Genesis Energy, L.P. by 1.6% in the fourth quarter. RR Advisors LLC now owns 1,810,000 shares of the company’s stock valued at $66,496,000 after buying an additional 28,000 shares in the last quarter. Liberty Mutual Group Asset Management Inc. increased its stake in Genesis Energy, L.P. by 31.7% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 95,426 shares of the company’s stock valued at $3,506,000 after buying an additional 22,957 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Genesis Energy, L.P. by 68.1% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 1,289,176 shares of the company’s stock valued at $47,364,000 after buying an additional 522,334 shares in the last quarter. Morgan Stanley increased its stake in Genesis Energy, L.P. by 7.2% in the fourth quarter. Morgan Stanley now owns 2,058,506 shares of the company’s stock valued at $75,630,000 after buying an additional 137,570 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in Genesis Energy, L.P. by 103.0% in the fourth quarter. Bank of Montreal Can now owns 280,139 shares of the company’s stock valued at $10,293,000 after buying an additional 142,143 shares in the last quarter.
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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