Genesis Energy, L.P. (GEL) Stock Rating Upgraded by 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 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 research analysts have also recently issued reports about the stock. Citigroup Inc. upgraded shares of 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 research report on Friday, July 1st. TheStreet upgraded shares of Genesis Energy, L.P. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 14th. Janney Montgomery Scott reiterated a “buy” rating and set a $44.00 price target (up from $32.00) on shares of Genesis Energy, L.P. in a research report on Thursday, June 16th. Wunderlich reduced their price target on shares of Genesis Energy, L.P. from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Thursday, August 4th. Finally, Barclays PLC increased their price target on shares of Genesis Energy, L.P. from $33.00 to $36.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 10th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $41.25.
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Genesis Energy, L.P. (NYSE:GEL) traded down 0.82% on Tuesday, hitting $36.50. 280,168 shares of the company were exchanged. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of 8.88 and a beta of 1.09. The stock has a 50 day moving average of $35.86 and a 200 day moving average of $35.74. Genesis Energy, L.P. has a 52 week low of $19.55 and a 52 week high of $44.00.
Genesis Energy, L.P. (NYSE:GEL) last announced its earnings results on Wednesday, August 3rd. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by $0.15. The company had revenue of $446 million for the quarter, compared to analyst estimates of $585.96 million. Genesis Energy, L.P.’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.12 earnings per share. Analysts predict that Genesis Energy, L.P. will post $1.30 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Friday, October 28th will be issued a $0.70 dividend. The ex-dividend date is Wednesday, October 26th. 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.
A number of hedge funds have recently added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. boosted its stake in Genesis Energy, L.P. by 11.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 8,420,244 shares of the company’s stock valued at $323,085,000 after buying an additional 864,257 shares during the period. Chickasaw Capital Management LLC boosted its stake in Genesis Energy, L.P. by 13.3% in the second quarter. Chickasaw Capital Management LLC now owns 6,288,895 shares of the company’s stock valued at $241,305,000 after buying an additional 737,171 shares during the period. Atlantic Trust Group LLC boosted its stake in Genesis Energy, L.P. by 24.8% in the second quarter. Atlantic Trust Group LLC now owns 2,249,244 shares of the company’s stock valued at $86,303,000 after buying an additional 446,467 shares during the period. Taylor Wealth Management Partners boosted its stake in Genesis Energy, L.P. by 57,745.0% in the second quarter. Taylor Wealth Management Partners now owns 173,535 shares of the company’s stock valued at $6,659,000 after buying an additional 173,235 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Genesis Energy, L.P. by 9.1% in the second quarter. JPMorgan Chase & Co. now owns 2,012,350 shares of the company’s stock valued at $77,214,000 after buying an additional 167,348 shares during the period.
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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