Genesis Energy, L.P. (GEL) Cut to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Genesis Energy, L.P. (NYSE:GEL) from a buy rating to a hold rating in a report released on Friday.
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 brokerages have also weighed in on GEL. Barclays PLC lowered Genesis Energy, L.P. from an equal weight rating to an underweight rating and reduced their price objective for the stock from $33.00 to $31.00 in a research report on Tuesday, July 18th. Robert W. Baird restated a neutral rating and set a $35.00 price objective (down previously from $37.00) on shares of Genesis Energy, L.P. in a research report on Thursday, July 13th. BidaskClub lowered Genesis Energy, L.P. from a sell rating to a strong sell rating in a research report on Thursday, August 10th. Royal Bank Of Canada restated a hold rating and set a $34.00 price objective on shares of Genesis Energy, L.P. in a research report on Wednesday, September 27th. Finally, Janney Montgomery Scott set a $30.00 target price on Genesis Energy, L.P. and gave the stock a buy rating in a report on Friday, October 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Genesis Energy, L.P. has an average rating of Hold and an average price target of $33.45.
Shares of Genesis Energy, L.P. (GEL) opened at $22.76 on Friday. The firm has a market capitalization of $2,790.00, a price-to-earnings ratio of 24.74, a P/E/G ratio of 2.83 and a beta of 1.18. Genesis Energy, L.P. has a 52-week low of $22.71 and a 52-week high of $37.88. The company has a current ratio of 1.62, a quick ratio of 1.35 and a debt-to-equity ratio of 1.80.
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The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 8.79%. The ex-dividend date is Monday, October 30th. Genesis Energy, L.P.’s payout ratio is presently 285.71%.
In other Genesis Energy, L.P. news, Director Sharilyn S. Gasaway acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were bought at an average cost of $23.09 per share, with a total value of $230,900.00. Following the purchase, the director now directly owns 278,364 shares of the company’s stock, valued at $6,427,424.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth M. Jastrow II acquired 7,804 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was acquired at an average cost of $27.25 per share, for a total transaction of $212,659.00. Following the completion of the purchase, the director now directly owns 35,000 shares in the company, valued at $953,750. The disclosure for this purchase can be found here. Insiders bought a total of 49,300 shares of company stock worth $1,270,755 over the last three months. 0.72% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in the company. LVW Advisors LLC lifted its stake in shares of Genesis Energy, L.P. by 32.5% in the 3rd quarter. LVW Advisors LLC now owns 26,325 shares of the pipeline company’s stock valued at $694,000 after purchasing an additional 6,450 shares during the period. Cadence Capital Management LLC acquired a new position in shares of Genesis Energy, L.P. in the 3rd quarter valued at about $3,199,000. Evergreen Capital Management LLC lifted its stake in shares of Genesis Energy, L.P. by 18.1% in the 3rd quarter. Evergreen Capital Management LLC now owns 360,965 shares of the pipeline company’s stock valued at $9,511,000 after purchasing an additional 55,405 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Genesis Energy, L.P. by 46.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,202,594 shares of the pipeline company’s stock valued at $57,642,000 after purchasing an additional 695,436 shares during the period. Finally, Kayne Anderson Capital Advisors LP acquired a new position in shares of Genesis Energy, L.P. in the 3rd quarter valued at about $9,404,000. 75.27% of the stock is currently owned by institutional investors.
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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