Tortoise Capital Advisors L.L.C. raised its position in shares of Genesis Energy, L.P. (NYSE:GEL) by 241.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 289,765 shares of the pipeline company’s stock after acquiring an additional 204,949 shares during the quarter. Tortoise Capital Advisors L.L.C.’s holdings in Genesis Energy were worth $2,707,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of GEL. Mirae Asset Global Investments Co. Ltd. boosted its position in Genesis Energy by 26.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,075,672 shares of the pipeline company’s stock valued at $47,407,000 after acquiring an additional 1,046,483 shares in the last quarter. Alps Advisors Inc. boosted its position in Genesis Energy by 5.9% during the 1st quarter. Alps Advisors Inc. now owns 14,556,810 shares of the pipeline company’s stock valued at $135,961,000 after acquiring an additional 806,854 shares in the last quarter. Bank of Montreal Can boosted its position in Genesis Energy by 160.4% during the 1st quarter. Bank of Montreal Can now owns 1,014,300 shares of the pipeline company’s stock valued at $9,889,000 after acquiring an additional 624,743 shares in the last quarter. Cooper Creek Partners Management LLC bought a new stake in Genesis Energy during the 1st quarter valued at approximately $5,109,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Genesis Energy by 88.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,101,996 shares of the pipeline company’s stock worth $10,293,000 after purchasing an additional 518,367 shares in the last quarter. 64.95% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on GEL. Zacks Investment Research cut Genesis Energy from a “hold” rating to a “sell” rating in a research report on Friday, July 16th. Wells Fargo & Company raised Genesis Energy from an “underweight” rating to an “equal weight” rating and set a $10.00 price target on the stock in a research report on Thursday, May 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Genesis Energy has an average rating of “Hold” and a consensus price target of $10.00.
Genesis Energy (NYSE:GEL) last announced its quarterly earnings data on Wednesday, May 5th. The pipeline company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.24). Genesis Energy had a negative return on equity of 19.67% and a negative net margin of 26.35%. The firm had revenue of $521.20 million during the quarter, compared to analysts’ expectations of $488.22 million. During the same quarter in the previous year, the firm earned $0.05 earnings per share. Genesis Energy’s revenue was down 3.5% on a year-over-year basis. As a group, equities analysts expect that Genesis Energy, L.P. will post -0.42 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 13th. Investors of record on Friday, July 30th will be issued a $0.15 dividend. The ex-dividend date is Thursday, July 29th. This represents a $0.60 dividend on an annualized basis and a yield of 6.17%. Genesis Energy’s payout ratio is currently -38.96%.
Genesis Energy Profile
Genesis Energy, L.P. operates in the midstream segment of the crude oil and natural gas industry. The company's Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations; and in the deepwater pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico.
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