Pinnacle Holdings LLC Buys New Position in Genesis Energy, L.P. $GEL

Pinnacle Holdings LLC purchased a new position in shares of Genesis Energy, L.P. (NYSE:GEL) during the second quarter, Holdings Channel reports. The firm purchased 236,087 shares of the pipeline company’s stock, valued at approximately $3,345,000.

Several other institutional investors also recently added to or reduced their stakes in GEL. Alps Advisors Inc. increased its position in Genesis Energy by 3.7% during the fourth quarter. Alps Advisors Inc. now owns 24,909,448 shares of the pipeline company’s stock worth $388,587,000 after buying an additional 890,193 shares during the period. Invesco Ltd. boosted its holdings in shares of Genesis Energy by 0.3% in the fourth quarter. Invesco Ltd. now owns 18,852,533 shares of the pipeline company’s stock valued at $294,100,000 after acquiring an additional 48,406 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Genesis Energy by 29.6% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,420,400 shares of the pipeline company’s stock worth $107,285,000 after acquiring an additional 1,465,339 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Genesis Energy by 2.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,192,745 shares of the pipeline company’s stock worth $81,007,000 after acquiring an additional 135,434 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of Genesis Energy by 39.9% in the 4th quarter. Morgan Stanley now owns 4,054,770 shares of the pipeline company’s stock valued at $63,254,000 after acquiring an additional 1,156,884 shares during the period. Institutional investors and hedge funds own 66.82% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on GEL shares. Wells Fargo & Company reduced their price target on shares of Genesis Energy from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, May 12th. Royal Bank Of Canada lowered their price target on Genesis Energy from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Tuesday, July 21st. Finally, Weiss Ratings upgraded Genesis Energy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Genesis Energy Stock Performance

NYSE:GEL opened at $16.18 on Monday. The firm’s fifty day simple moving average is $14.89 and its 200-day simple moving average is $16.27. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 24.31. The stock has a market cap of $1.98 billion, a PE ratio of 85.16 and a beta of 0.63. Genesis Energy, L.P. has a fifty-two week low of $13.75 and a fifty-two week high of $18.64.

Genesis Energy (NYSE:GEL) last released its quarterly earnings data on Thursday, August 6th. The pipeline company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.24. Genesis Energy had a net margin of 4.29% and a return on equity of 55.96%. The firm had revenue of $532.00 million for the quarter, compared to the consensus estimate of $532.00 million. During the same quarter in the previous year, the firm earned ($0.12) earnings per share.

Genesis Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.20 per share. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, July 31st. This represents a $0.80 annualized dividend and a dividend yield of 4.9%. Genesis Energy’s dividend payout ratio is presently 421.05%.

About Genesis Energy

Genesis Energy LP (NYSE: GEL) is a publicly traded master limited partnership headquartered in Houston, Texas, that owns and operates a diversified portfolio of energy infrastructure assets in the United States. The company’s primary focus is on the transportation, storage and delivery of refined petroleum products, serving major domestic markets across the Gulf Coast, Atlantic Seaboard and inland waterway systems.

Genesis Energy’s operations are organized into several key business segments.