Genesis Energy, L.P. (GEL) Lifted to Hold at Zacks Investment Research
Genesis Energy, L.P. (NYSE:GEL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
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. “
Other equities analysts also recently issued reports about the company. Wells Fargo & Co. upgraded Genesis Energy, L.P. from a “market perform” rating to an “outperform” rating in a report on Monday, July 18th. Citigroup Inc. upgraded Genesis Energy, L.P. from a “neutral” rating to a “buy” rating and reduced their price target for the company from $48.00 to $46.00 in a report on Friday, July 1st. TheStreet upgraded Genesis Energy, L.P. from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Janney Montgomery Scott restated a “buy” rating and set a $44.00 price target (up from $32.00) on shares of Genesis Energy, L.P. in a report on Thursday, June 16th. Finally, Credit Suisse Group AG restated a “neutral” rating on shares of Genesis Energy, L.P. in a report on Monday, August 15th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $41.25.
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Shares of Genesis Energy, L.P. (NYSE:GEL) traded down 0.82% during trading on Tuesday, hitting $36.50. 280,168 shares of the company were exchanged. Genesis Energy, L.P. has a 1-year low of $19.55 and a 1-year high of $44.00. The stock has a market capitalization of $4.31 billion, a PE ratio of 8.88 and a beta of 1.09. The company has a 50 day moving average of $35.86 and a 200-day moving average of $35.74.
Genesis Energy, L.P. (NYSE:GEL) last posted its quarterly earnings data 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 earned $446 million during the quarter, compared to analyst estimates of $585.96 million. The company’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same period last year, the business posted $0.12 EPS. On average, analysts forecast that Genesis Energy, L.P. will post $1.30 earnings per share for the current year.
The company also recently announced 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 7.67%. This is a boost from Genesis Energy, L.P.’s previous quarterly dividend of $0.69. The ex-dividend date is Wednesday, October 26th.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Miller Howard Investments Inc. NY boosted its position in shares of Genesis Energy, L.P. by 2.2% in the second quarter. Miller Howard Investments Inc. NY now owns 2,233,747 shares of the company’s stock valued at $85,709,000 after buying an additional 49,147 shares during the last quarter. Dividend Assets Capital LLC boosted its position in shares of Genesis Energy, L.P. by 1.2% in the second quarter. Dividend Assets Capital LLC now owns 1,713,020 shares of the company’s stock valued at $65,729,000 after buying an additional 20,925 shares during the last quarter. Geneva Advisors LLC boosted its position in shares of Genesis Energy, L.P. by 13.7% in the second quarter. Geneva Advisors LLC now owns 97,107 shares of the company’s stock valued at $3,726,000 after buying an additional 11,667 shares during the last quarter. Spirit of America Management Corp NY boosted its position in shares of 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 last quarter. Finally, Solaris Asset Management LLC boosted its position in shares of Genesis Energy, L.P. by 4.2% in the second quarter. Solaris Asset Management LLC now owns 3,075 shares of the company’s stock valued at $118,000 after buying an additional 125 shares during the last quarter.
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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