Genesis Energy, L.P. (NYSE:GEL) announced a quarterly dividend on Friday, October 12th, Wall Street Journal reports. Investors of record on Wednesday, October 31st will be given a dividend of 0.54 per share by the pipeline company on Wednesday, November 14th. This represents a $2.16 annualized dividend and a dividend yield of 8.85%. The ex-dividend date is Tuesday, October 30th. This is an increase from Genesis Energy’s previous quarterly dividend of $0.53.
Genesis Energy has raised its dividend by an average of 6.0% annually over the last three years. Genesis Energy has a dividend payout ratio of 642.4% indicating that 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 $0.95 per share next year, which means the company may not be able to cover its $2.12 annual dividend with an expected future payout ratio of 223.2%.
Shares of Genesis Energy stock traded up $0.10 during midday trading on Friday, hitting $24.42. The company had a trading volume of 655,326 shares, compared to its average volume of 643,338. The company has a quick ratio of 1.26, a current ratio of 1.50 and a debt-to-equity ratio of 2.01. The company has a market capitalization of $2.91 billion, a P/E ratio of 23.22 and a beta of 1.24. Genesis Energy has a 52-week low of $18.42 and a 52-week high of $25.87.
Genesis Energy (NYSE:GEL) last released its quarterly earnings results on Wednesday, August 8th. The pipeline company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.22). The firm had revenue of $752.39 million for the quarter, compared to the consensus estimate of $729.72 million. Genesis Energy had a net margin of 1.52% and a return on equity of 7.32%. Genesis Energy’s quarterly revenue was up 85.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.28 earnings per share. As a group, equities analysts expect that Genesis Energy will post 0.33 EPS for the current year.
In related news, VP Garland G. Gaspard purchased 1,247 shares of the company’s stock in a transaction that occurred on Wednesday, September 5th. The stock was bought at an average price of $24.07 per share, for a total transaction of $30,015.29. Following the completion of the transaction, the vice president now owns 1,247 shares in the company, valued at approximately $30,015.29. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.72% of the company’s stock.
A number of equities analysts recently commented on the company. Barclays raised their target price on Genesis Energy from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 11th. ValuEngine raised Genesis Energy from a “strong sell” rating to a “sell” rating in a report on Thursday, August 9th. Raymond James reaffirmed a “buy” rating on shares of Genesis Energy in a report on Monday, August 13th. UBS Group raised their target price on Genesis Energy from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 30th. Finally, Robert W. Baird cut Genesis Energy from an “outperform” rating to a “neutral” rating and set a $29.00 target price on the stock. in a report on Tuesday, September 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $28.50.
About Genesis Energy
Genesis Energy, L.P. operates in the midstream segment of the crude oil and natural gas industry. The company's Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations; and in the deep-water pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico.
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