Genesis Energy, L.P. (GEL) Increases Dividend to $0.51 Per Share
Genesis Energy, L.P. (NYSE:GEL) declared a quarterly dividend on Friday, January 12th, Wall Street Journal reports. Shareholders of record on Wednesday, January 31st will be paid a dividend of 0.51 per share by the pipeline company on Wednesday, February 14th. This represents a $2.04 annualized dividend and a dividend yield of 8.07%. The ex-dividend date of this dividend is Tuesday, January 30th. This is an increase from Genesis Energy’s previous quarterly dividend of $0.50.
Genesis Energy has increased its dividend by an average of 6.0% annually over the last three years and has increased its dividend every year for the last 13 years. Genesis Energy has a payout ratio of 206.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Genesis Energy to earn $1.50 per share next year, which means the company may not be able to cover its $2.00 annual dividend with an expected future payout ratio of 133.3%.
Shares of Genesis Energy (NYSE:GEL) traded up $1.00 during mid-day trading on Friday, hitting $25.27. The company’s stock had a trading volume of 1,217,600 shares, compared to its average volume of 686,813. The stock has a market capitalization of $3,070.00, a price-to-earnings ratio of 36.10 and a beta of 1.15. Genesis Energy has a 12 month low of $20.43 and a 12 month high of $37.88. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.35 and a current ratio of 1.62.
A hedge fund recently raised its stake in Genesis Energy stock. The Manufacturers Life Insurance Company boosted its position in Genesis Energy, L.P. (NYSE:GEL) by 7.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,897 shares of the pipeline company’s stock after acquiring an additional 271 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Genesis Energy were worth $124,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 73.46% of the company’s stock.
Several equities analysts have issued reports on the company. Zacks Investment Research raised Genesis Energy from a “hold” rating to a “strong-buy” rating and set a $27.00 price objective on the stock in a report on Monday. UBS Group lowered their price target on Genesis Energy from $41.00 to $39.00 and set a “buy” rating on the stock in a report on Tuesday, October 17th. Royal Bank of Canada reissued a “hold” rating and set a $34.00 price target on shares of Genesis Energy in a report on Wednesday, September 27th. Barclays lowered their price target on Genesis Energy from $27.00 to $26.00 and set an “equal weight” rating on the stock in a report on Monday, November 6th. Finally, ValuEngine raised Genesis Energy from a “sell” rating to a “hold” rating in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $33.55.
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Genesis Energy 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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