Genesis Energy, L.P. (GEL) Trading Down 3.4%
Genesis Energy, L.P. (NYSE:GEL)’s share price dropped 3.4% during mid-day trading on Thursday . The company traded as low as $39.40 and last traded at $39.50, with a volume of 339,511 shares trading hands. The stock had previously closed at $40.90.
GEL has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Genesis Energy, L.P. from a “buy” rating to a “hold” rating in a research report on Wednesday. Wells Fargo & Co. upgraded shares of Genesis Energy, L.P. from a “market perform” rating to an “outperform” rating in a research report on Monday, July 18th. Janney Montgomery Scott restated a “buy” rating and issued a $44.00 price objective (up previously from $32.00) on shares of Genesis Energy, L.P. in a research report on Thursday, June 16th. Barclays PLC reduced 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. Finally, TheStreet upgraded shares of Genesis Energy, L.P. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 14th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $43.44.
The company has a 50 day moving average of $38.54 and a 200-day moving average of $32.30. The firm has a market cap of $4.16 billion and a price-to-earnings ratio of 9.24.
Genesis Energy, L.P. (NYSE:GEL) last released its quarterly earnings data on Wednesday, May 4th. The company reported $0.32 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. The firm’s revenue was down 28.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.21 EPS. On average, equities research analysts expect that Genesis Energy, L.P. will post $1.55 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 12th. Stockholders of record on Friday, July 29th will be issued a $0.69 dividend. This is a positive change from Genesis Energy, L.P.’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Wednesday, July 27th. This represents a $2.76 annualized dividend and a dividend yield of 7.29%.
Other large investors have recently added to or reduced their stakes in the company. Liberty Mutual Group Asset Management Inc. raised 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 during the period. Fort Washington Investment Advisors Inc. OH raised its stake in Genesis Energy, L.P. by 10.2% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 367,700 shares of the company’s stock valued at $13,509,000 after buying an additional 34,000 shares during the period. Morgan Stanley raised 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 during the period. Bank of Montreal Can raised 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 during the period. Finally, Chickasaw Capital Management LLC raised its stake in Genesis Energy, L.P. by 12.1% in the fourth quarter. Chickasaw Capital Management LLC now owns 4,780,473 shares of the company’s stock valued at $175,635,000 after buying an additional 516,519 shares during the period.
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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