US Bancorp DE decreased its position in Genesis Energy, L.P. (NYSE:GEL) by 17.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 9,193 shares of the pipeline company’s stock after selling 2,000 shares during the period. US Bancorp DE’s holdings in Genesis Energy, L.P. were worth $292,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GEL. OppenheimerFunds Inc. boosted its position in Genesis Energy, L.P. by 38.3% in the first quarter. OppenheimerFunds Inc. now owns 14,212,229 shares of the pipeline company’s stock worth $460,760,000 after buying an additional 3,932,520 shares during the period. Chickasaw Capital Management LLC boosted its position in Genesis Energy, L.P. by 12.1% in the first quarter. Chickasaw Capital Management LLC now owns 7,949,526 shares of the pipeline company’s stock worth $257,724,000 after buying an additional 857,082 shares during the period. Clearbridge Investments LLC boosted 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 during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Genesis Energy, L.P. by 18.7% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 1,428,656 shares of the pipeline company’s stock worth $46,317,000 after buying an additional 224,875 shares during the period. Finally, Morgan Stanley boosted its position in Genesis Energy, L.P. by 17.3% in the first quarter. Morgan Stanley now owns 1,330,667 shares of the pipeline company’s stock worth $43,140,000 after buying an additional 195,886 shares during the period. Institutional investors own 74.59% of the company’s stock.
Shares of Genesis Energy, L.P. (GEL) traded up 0.16% during trading on Tuesday, hitting $25.80. The company’s stock had a trading volume of 551,206 shares. The firm’s 50 day moving average price is $29.76 and its 200-day moving average price is $31.61. Genesis Energy, L.P. has a 52 week low of $25.71 and a 52 week high of $38.36. The company has a market cap of $3.16 billion, a PE ratio of 26.63 and a beta of 1.20.
Genesis Energy, L.P. (NYSE:GEL) last announced its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Genesis Energy, L.P. had a net margin of 6.73% and a return on equity of 5.32%. The business had revenue of $406.72 million during the quarter, compared to the consensus estimate of $503.22 million. On average, analysts predict that Genesis Energy, L.P. will post $1.07 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were given a dividend of $0.723 per share. This represents a $2.89 dividend on an annualized basis and a dividend yield of 11.23%. The ex-dividend date was Thursday, July 27th. 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 294.90%.
A number of analysts have recently weighed in on the company. Credit Suisse Group raised Genesis Energy, L.P. from a “neutral” rating to an “outperform” rating and cut their price objective for the stock from $40.00 to $39.00 in a research report on Monday, May 8th. Zacks Investment Research raised Genesis Energy, L.P. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 9th. Barclays PLC lowered Genesis Energy, L.P. from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $33.00 to $31.00 in a research report on Tuesday, July 18th. BidaskClub raised Genesis Energy, L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Finally, Robert W. Baird raised Genesis Energy, L.P. from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $35.00 to $37.00 in a research report on Monday, August 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $37.18.
In other Genesis Energy, L.P. news, CFO Robert V. Deere acquired 34,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was acquired at an average price of $30.34 per share, with a total value of $1,031,560.00. Following the transaction, the chief financial officer now directly owns 783,935 shares in the company, valued at $23,784,587.90. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.72% of the stock is owned by corporate insiders.
About Genesis Energy, L.P.
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.
Want to see what other hedge funds are holding GEL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Genesis Energy, L.P. (NYSE:GEL).
Receive News & Ratings for Genesis Energy L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genesis Energy L.P. and related companies with MarketBeat.com's FREE daily email newsletter.
