Genesis Energy, L.P. (GEL) Set to Announce Earnings on Wednesday
Genesis Energy, L.P. (NYSE:GEL) is scheduled to release its earnings data after the market closes on Wednesday, November 1st.
Genesis Energy, L.P. (NYSE:GEL) last released its quarterly earnings results 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 net margin of 6.73% and a return on equity of 5.32%. On average, analysts expect Genesis Energy, L.P. to post $0.93 EPS for the current fiscal year and $1.22 EPS for the next fiscal year.
Shares of Genesis Energy, L.P. (NYSE:GEL) opened at 23.54 on Wednesday. The company’s 50-day moving average is $25.98 and its 200-day moving average is $29.11. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of 24.29 and a beta of 1.20. Genesis Energy, L.P. has a 12-month low of $23.43 and a 12-month high of $37.88.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.50%. The ex-dividend date of this dividend is Monday, October 30th. Genesis Energy, L.P.’s payout ratio is 294.90%.
In other news, Director Kenneth M. Jastrow II bought 7,804 shares of the stock in a transaction dated Thursday, September 7th. The shares were acquired at an average price of $27.25 per share, with a total value of $212,659.00. Following the acquisition, the director now owns 35,000 shares in the company, valued at $953,750. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth M. Jastrow II bought 27,196 shares of the stock in a transaction dated Wednesday, September 6th. The stock was purchased at an average cost of $26.74 per share, for a total transaction of $727,221.04. Following the acquisition, the director now owns 9,397 shares in the company, valued at approximately $251,275.78. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.
A hedge fund recently raised its stake in Genesis Energy, L.P. stock. The Manufacturers Life Insurance Company lifted its position in Genesis Energy, L.P. (NYSE:GEL) by 7.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,897 shares of the pipeline company’s stock after purchasing an additional 271 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Genesis Energy, L.P. were worth $124,000 at the end of the most recent reporting period. Institutional investors own 74.86% of the company’s stock.
A number of brokerages have recently weighed in on GEL. Janney Montgomery Scott set a $30.00 price objective on shares of Genesis Energy, L.P. and gave the stock a “buy” rating in a research note on Friday, October 13th. BidaskClub upgraded shares of Genesis Energy, L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Zacks Investment Research upgraded shares of Genesis Energy, L.P. from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday, July 12th. Barclays PLC upgraded shares of Genesis Energy, L.P. from an “underweight” rating to an “equal weight” rating and cut their target price for the company from $31.00 to $27.00 in a research note on Friday, October 13th. Finally, Royal Bank Of Canada cut their target price on shares of Genesis Energy, L.P. from $34.00 to $28.00 and set a “sector perform” rating for the company in a research note on Friday, October 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. Genesis Energy, L.P. currently has a consensus rating of “Hold” and an average price target of $34.92.
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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 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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