Kenneth M. Jastrow II Purchases 7,804 Shares of Genesis Energy, L.P. (GEL) Stock
Genesis Energy, L.P. (NYSE:GEL) Director Kenneth M. Jastrow II acquired 7,804 shares of the business’s stock in a transaction dated Thursday, September 7th. The stock was purchased at an average price of $27.25 per share, with a total value of $212,659.00. Following the completion of the acquisition, the director now directly owns 35,000 shares in the company, valued at approximately $953,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Genesis Energy, L.P. (NYSE:GEL) traded up 1.64% during midday trading on Thursday, reaching $27.31. The company had a trading volume of 358,424 shares. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 28.18 and a beta of 1.22. The stock has a 50-day moving average of $28.25 and a 200 day moving average of $30.87. Genesis Energy, L.P. has a 52 week low of $25.71 and a 52 week high of $38.36.
Genesis Energy, L.P. (NYSE:GEL) last released its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.05. The company 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%. On average, analysts anticipate that Genesis Energy, L.P. will post $1.06 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were given a $0.723 dividend. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $2.89 annualized dividend and a yield of 10.59%. 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 currently 294.90%.
GEL has been the subject of a number of research reports. Credit Suisse Group upgraded Genesis Energy, L.P. from a “neutral” rating to an “outperform” rating in a report on Monday, May 15th. BidaskClub cut Genesis Energy, L.P. from a “sell” rating to a “strong sell” rating in a report on Saturday, June 10th. Zacks Investment Research upgraded Genesis Energy, L.P. from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Wednesday, July 12th. Robert W. Baird reiterated a “neutral” rating and issued a $35.00 price objective (down from $37.00) on shares of Genesis Energy, L.P. in a report on Thursday, July 13th. Finally, Barclays PLC cut Genesis Energy, L.P. from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $33.00 to $31.00 in a report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $37.18.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. OppenheimerFunds Inc. grew its position in Genesis Energy, L.P. by 38.3% in the first quarter. OppenheimerFunds Inc. now owns 14,212,229 shares of the pipeline company’s stock worth $460,760,000 after acquiring an additional 3,932,520 shares in the last quarter. Tortoise Capital Advisors L.L.C. grew its position in Genesis Energy, L.P. by 4.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 10,312,699 shares of the pipeline company’s stock worth $327,222,000 after acquiring an additional 431,059 shares in the last quarter. Clearbridge Investments LLC grew its position in Genesis Energy, L.P. by 2.7% in the first quarter. Clearbridge Investments LLC now owns 9,054,077 shares of the pipeline company’s stock worth $293,533,000 after acquiring an additional 238,610 shares in the last quarter. Chickasaw Capital Management LLC grew its position in Genesis Energy, L.P. by 3.8% in the second quarter. Chickasaw Capital Management LLC now owns 8,250,616 shares of the pipeline company’s stock worth $261,792,000 after acquiring an additional 301,090 shares in the last quarter. Finally, Alps Advisors Inc. grew its position in Genesis Energy, L.P. by 8.2% in the second quarter. Alps Advisors Inc. now owns 7,832,361 shares of the pipeline company’s stock worth $248,521,000 after acquiring an additional 594,859 shares in the last quarter. Institutional investors own 74.55% of the company’s stock.
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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