Insider Buying: Genesis Energy, L.P. (GEL) Director Purchases 27,196 Shares of Stock
Genesis Energy, L.P. (NYSE:GEL) Director Kenneth M. Jastrow II acquired 27,196 shares of Genesis Energy, L.P. stock in a transaction that occurred on Wednesday, September 6th. The shares were purchased at an average price of $26.74 per share, with a total value of $727,221.04. Following the transaction, the director now owns 9,397 shares of the company’s stock, valued at approximately $251,275.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Genesis Energy, L.P. (NYSE:GEL) traded up 1.82% during mid-day trading on Thursday, reaching $27.36. The company’s stock had a trading volume of 263,410 shares. The stock has a 50-day moving average price of $28.25 and a 200-day moving average price of $30.87. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 28.24 and a beta of 1.22. Genesis Energy, L.P. has a one year low of $25.71 and a one year high of $38.36.
Genesis Energy, L.P. (NYSE:GEL) last released its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. The business had revenue of $406.72 million during the quarter, compared to analyst estimates of $503.22 million. Genesis Energy, L.P. had a return on equity of 5.32% and a net margin of 6.73%. Equities research analysts forecast that Genesis Energy, L.P. will post $1.06 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were paid a dividend of $0.723 per share. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $2.89 dividend on an annualized basis and a dividend yield of 10.76%. This is a positive change from Genesis Energy, L.P.’s previous quarterly dividend of $0.60. Genesis Energy, L.P.’s dividend payout ratio (DPR) is presently 294.90%.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ffcm LLC raised its stake in shares of Genesis Energy, L.P. by 205.4% during the 2nd quarter. Ffcm LLC now owns 3,573 shares of the pipeline company’s stock valued at $116,000 after buying an additional 2,403 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Genesis Energy, L.P. by 7.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,897 shares of the pipeline company’s stock valued at $124,000 after purchasing an additional 271 shares in the last quarter. Pathstone Family Office LLC purchased a new position in shares of Genesis Energy, L.P. in the 2nd quarter valued at about $133,000. Chicago Partners Investment Group LLC increased its stake in shares of Genesis Energy, L.P. by 44.9% in the 1st quarter. Chicago Partners Investment Group LLC now owns 4,186 shares of the pipeline company’s stock valued at $136,000 after purchasing an additional 1,297 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Genesis Energy, L.P. by 13.0% in the 2nd quarter. Bank of Montreal Can now owns 4,959 shares of the pipeline company’s stock valued at $158,000 after purchasing an additional 570 shares in the last quarter. Institutional investors and hedge funds own 74.55% of the company’s stock.
A number of analysts recently commented on GEL shares. Zacks Investment Research cut Genesis Energy, L.P. from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Credit Suisse Group upgraded Genesis Energy, L.P. from a “neutral” rating to an “outperform” rating in a research report on Monday, May 15th. BidaskClub upgraded Genesis Energy, L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Barclays PLC cut Genesis Energy, L.P. from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $33.00 to $31.00 in a research report on Tuesday, July 18th. Finally, Robert W. Baird upgraded Genesis Energy, L.P. from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $35.00 to $37.00 in a research report on Monday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $37.18.
Genesis Energy, L.P. Company Profile
Genesis Energy L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through four segments: Offshore 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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