Genesis Energy, L.P. (GEL) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Genesis Energy, L.P. (NYSE:GEL) from a hold rating to a buy rating in a research report sent to investors on Wednesday. They currently have $35.00 target price 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. “
A number of other research firms have also commented on GEL. Vetr lowered shares of Genesis Energy, L.P. from a strong-buy rating to a buy rating and set a $38.00 price objective for the company. in a research note on Wednesday, March 15th. BidaskClub raised shares of Genesis Energy, L.P. from a sell rating to a hold rating in a research note on Monday, July 3rd. Mitsubishi UFJ Financial Group Inc reduced their price objective on shares of Genesis Energy, L.P. from $38.00 to $37.00 and set a neutral rating for the company in a research note on Friday, March 24th. Mitsubishi UFJ Financial Group reiterated a neutral rating and issued a $37.00 target price (down previously from $38.00) on shares of Genesis Energy, L.P. in a report on Thursday, March 23rd. Finally, Credit Suisse Group upgraded Genesis Energy, L.P. from a neutral rating to an outperform rating in a report on Monday, May 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $38.31.
Shares of Genesis Energy, L.P. (GEL) opened at 31.59 on Wednesday. The stock has a market capitalization of $3.87 billion, a P/E ratio of 34.75 and a beta of 1.21. The company has a 50-day moving average of $30.62 and a 200-day moving average of $33.12. Genesis Energy, L.P. has a 12-month low of $28.16 and a 12-month high of $40.90.
Genesis Energy, L.P. (NYSE:GEL) last posted its quarterly earnings data on Thursday, May 4th. The pipeline company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. Genesis Energy, L.P. had a net margin of 6.00% and a return on equity of 4.98%. The company had revenue of $415.50 million during the quarter, compared to analyst estimates of $468.64 million. During the same period in the prior year, the firm earned $0.32 earnings per share. The business’s quarterly revenue was up 9.8% on a year-over-year basis. Equities analysts expect that Genesis Energy, L.P. will post $1.12 earnings per share for the current fiscal 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 issued a $0.723 dividend. The ex-dividend date of this dividend 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 is currently 313.04%.
In other news, CFO Robert V. Deere acquired 34,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The shares were purchased at an average price of $30.34 per share, for a total transaction of $1,031,560.00. Following the completion of the acquisition, the chief financial officer now owns 783,935 shares of the company’s stock, valued at approximately $23,784,587.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.72% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in GEL. Sanders Morris Harris LLC increased its position in Genesis Energy, L.P. by 8.2% in the second quarter. Sanders Morris Harris LLC now owns 53,000 shares of the pipeline company’s stock worth $1,682,000 after buying an additional 4,000 shares in the last quarter. Virtu Financial LLC increased its position in Genesis Energy, L.P. by 184.4% in the second quarter. Virtu Financial LLC now owns 55,025 shares of the pipeline company’s stock worth $1,746,000 after buying an additional 35,675 shares in the last quarter. Bank of Montreal Can increased its position in Genesis Energy, L.P. by 13.0% in the second quarter. Bank of Montreal Can now owns 4,959 shares of the pipeline company’s stock worth $158,000 after buying an additional 570 shares in the last quarter. Clearbridge Investments LLC increased its position in Genesis Energy, L.P. by 2.7% in the first quarter. Clearbridge Investments LLC now owns 9,054,077 shares of the pipeline company’s stock worth $293,533,000 after buying an additional 238,610 shares in the last quarter. Finally, Pointe Capital Management LLC purchased a new position in Genesis Energy, L.P. during the first quarter worth approximately $408,000. Hedge funds and other institutional investors own 74.24% of the company’s stock.
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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