Genesis Energy (GEL) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Genesis Energy (NYSE:GEL) from a hold rating to a strong-buy rating in a research report released on Monday. They currently have $27.00 price target 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. “
GEL has been the subject of a number of other reports. Robert W. Baird set a $29.00 price objective on shares of Genesis Energy and gave the stock a buy rating in a report on Friday, November 17th. Barclays decreased their price objective on shares of Genesis Energy from $27.00 to $26.00 and set an equal weight rating for the company in a report on Monday, November 6th. UBS Group decreased their price objective on shares of Genesis Energy from $41.00 to $39.00 and set a buy rating for the company in a report on Tuesday, October 17th. Royal Bank of Canada restated a hold rating and issued a $34.00 price objective on shares of Genesis Energy in a report on Wednesday, September 27th. Finally, ValuEngine upgraded shares of Genesis Energy from a sell rating to a hold rating in a research note on Friday, December 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Hold and an average target price of $33.55.
Shares of Genesis Energy (NYSE GEL) traded up $0.09 during midday trading on Monday, reaching $25.36. 1,116,500 shares of the company were exchanged, compared to its average volume of 908,310. Genesis Energy has a 52 week low of $20.43 and a 52 week high of $37.88. The stock has a market cap of $3,110.00, a price-to-earnings ratio of 36.23 and a beta of 1.15. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.35 and a current ratio of 1.62.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Wednesday, January 31st will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, January 30th. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.50. This represents a $2.04 dividend on an annualized basis and a yield of 8.04%. Genesis Energy’s payout ratio is currently 285.71%.
In related news, VP Richard R. Alexander bought 5,500 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was acquired at an average cost of $22.66 per share, for a total transaction of $124,630.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Ryan S. Sims bought 4,300 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were bought at an average price of $23.25 per share, with a total value of $99,975.00. Following the completion of the purchase, the vice president now owns 4,300 shares in the company, valued at approximately $99,975. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 257,775 shares of company stock valued at $5,659,913. Company insiders own 0.72% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in GEL. Chickasaw Capital Management LLC increased its stake in shares of Genesis Energy by 17.8% in the 4th quarter. Chickasaw Capital Management LLC now owns 10,353,821 shares of the pipeline company’s stock worth $231,408,000 after purchasing an additional 1,566,206 shares in the last quarter. Alps Advisors Inc. increased its stake in shares of Genesis Energy by 11.3% in the 3rd quarter. Alps Advisors Inc. now owns 8,713,795 shares of the pipeline company’s stock worth $229,608,000 after purchasing an additional 881,434 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Genesis Energy by 46.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,202,594 shares of the pipeline company’s stock worth $57,642,000 after purchasing an additional 695,436 shares in the last quarter. Kayne Anderson Capital Advisors LP purchased a new stake in shares of Genesis Energy in the 3rd quarter worth $9,404,000. Finally, Global X MANAGEMENT CO LLC increased its stake in shares of Genesis Energy by 29.0% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 841,814 shares of the pipeline company’s stock worth $22,182,000 after purchasing an additional 189,374 shares in the last quarter. Institutional investors and hedge funds own 73.46% of the company’s stock.
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Genesis Energy 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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