Zacks Investment Research Lowers Genesis Energy, L.P. (GEL) to Strong Sell
Genesis Energy, L.P. (NYSE:GEL) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.
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 recently commented on GEL. Citigroup Inc. raised shares of Genesis Energy, L.P. from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $48.00 to $46.00 in a research note on Friday, July 1st. TheStreet raised shares of Genesis Energy, L.P. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 14th. Credit Suisse Group AG reissued a “neutral” rating on shares of Genesis Energy, L.P. in a research note on Monday, August 15th. Wunderlich dropped their price objective on shares of Genesis Energy, L.P. from $41.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, August 4th. Finally, Wells Fargo & Co. raised shares of Genesis Energy, L.P. from a “market perform” rating to an “outperform” rating in a research note on Monday, July 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $41.25.
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Genesis Energy, L.P. (NYSE:GEL) traded down 0.72% during trading on Wednesday, reaching $35.99. 265,916 shares of the company were exchanged. The company’s 50-day moving average price is $35.85 and its 200-day moving average price is $35.61. Genesis Energy, L.P. has a 1-year low of $19.55 and a 1-year high of $44.12. The stock has a market capitalization of $4.25 billion, a P/E ratio of 8.76 and a beta of 1.09.
Genesis Energy, L.P. (NYSE:GEL) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by $0.15. The business had revenue of $446 million for the quarter, compared to the consensus estimate of $585.96 million. The business’s revenue was down 32.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 EPS. On average, equities analysts forecast that Genesis Energy, L.P. will post $1.30 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Friday, October 28th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 7.78%. This is a boost from Genesis Energy, L.P.’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Wednesday, October 26th.
Large investors have recently added to or reduced their stakes in the stock. Creative Planning boosted its stake in Genesis Energy, L.P. by 9.4% in the second quarter. Creative Planning now owns 214,167 shares of the company’s stock valued at $8,218,000 after buying an additional 18,342 shares during the period. Hollencrest Securities LLC boosted its stake in Genesis Energy, L.P. by 86.5% in the second quarter. Hollencrest Securities LLC now owns 42,472 shares of the company’s stock valued at $1,630,000 after buying an additional 19,700 shares during the period. Spirit of America Management Corp NY boosted its stake in Genesis Energy, L.P. by 41.5% in the second quarter. Spirit of America Management Corp NY now owns 361,342 shares of the company’s stock valued at $13,865,000 after buying an additional 106,050 shares during the period. Babson Capital Management LLC bought a new stake in Genesis Energy, L.P. during the first quarter valued at about $2,015,000. Finally, Mariner Wealth Advisors LLC bought a new stake in Genesis Energy, L.P. during the first quarter valued at about $528,000.
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 five segments: Offshore Pipeline Transportation, Onshore 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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