Genesis Energy, L.P. Trading Down 4.6% Following Weak Earnings (GEL)
Genesis Energy, L.P. (NYSE:GEL) shares fell 4.6% during mid-day trading on Tuesday following a weaker than expected earnings announcement, American Banking News.com reports. The company traded as low as $53.02 and last traded at $53.66, with a volume of 610,933 shares changing hands. The stock had previously closed at $56.27.
The company reported $0.19 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.36 by $0.17. The company had revenue of $961.04 billion for the quarter, compared to the consensus estimate of $1.45 billion.
A number of analysts have recently weighed in on GEL shares. Analysts at Janney Montgomery Scott downgraded shares of Genesis Energy, L.P. from a “buy” rating to a “neutral” rating in a research note on Tuesday. Separately, analysts at Barclays downgraded shares of Genesis Energy, L.P. from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, January 14th. Finally, analysts at Credit Suisse upgraded shares of Genesis Energy, L.P. from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 9th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $54.75.
The stock has a 50-day moving average of $53.78 and a 200-day moving average of $50.94. The company has a market cap of $4.766 billion and a price-to-earnings ratio of 48.55.
Genesis Energy, L.P. (NYSE:GEL) is a limited partnership focused on the midstream segment of the oil and gas industry in the Gulf Coast region of the United States, primarily Texas, Louisiana, Arkansas, Mississippi, Alabama and Florida.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.