PNC Financial Services Group Inc. cut its holdings in Genesis Energy, L.P. (NYSE:GEL) by 3.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 125,870 shares of the pipeline company’s stock after selling 4,727 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.10% of Genesis Energy worth $2,993,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in GEL. Alps Advisors Inc. increased its stake in shares of Genesis Energy by 6.5% in the third quarter. Alps Advisors Inc. now owns 9,652,224 shares of the pipeline company’s stock valued at $229,530,000 after buying an additional 584,953 shares in the last quarter. OppenheimerFunds Inc. increased its stake in shares of Genesis Energy by 3.1% in the second quarter. OppenheimerFunds Inc. now owns 16,689,722 shares of the pipeline company’s stock valued at $365,672,000 after buying an additional 498,828 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new stake in shares of Genesis Energy in the second quarter valued at $10,398,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Genesis Energy by 16.9% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 2,394,746 shares of the pipeline company’s stock valued at $56,947,000 after buying an additional 346,917 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Genesis Energy by 83.2% in the third quarter. Wells Fargo & Company MN now owns 725,784 shares of the pipeline company’s stock valued at $17,260,000 after buying an additional 329,631 shares in the last quarter. Institutional investors own 75.09% of the company’s stock.
GEL has been the subject of a number of research reports. Royal Bank of Canada upgraded Genesis Energy from a “sector perform” rating to an “outperform” rating and set a $29.00 target price for the company in a research note on Friday, November 2nd. Robert W. Baird lowered Genesis Energy from an “outperform” rating to a “neutral” rating and set a $29.00 target price for the company. in a research note on Tuesday, September 4th. ValuEngine upgraded Genesis Energy from a “hold” rating to a “buy” rating in a research note on Thursday, November 15th. Barclays lowered their target price on Genesis Energy from $25.00 to $24.00 and set an “equal weight” rating for the company in a research note on Friday, November 2nd. Finally, UBS Group raised their target price on Genesis Energy from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 30th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Genesis Energy currently has an average rating of “Buy” and an average price target of $27.60.
Genesis Energy stock opened at $22.30 on Friday. The stock has a market capitalization of $2.76 billion, a P/E ratio of 21.04 and a beta of 1.16. Genesis Energy, L.P. has a 12-month low of $18.42 and a 12-month high of $25.87. The company has a current ratio of 1.77, a quick ratio of 1.57 and a debt-to-equity ratio of 2.06.
Genesis Energy (NYSE:GEL) last posted its quarterly earnings results on Thursday, November 1st. The pipeline company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.35). The firm had revenue of $745.30 million during the quarter, compared to the consensus estimate of $736.85 million. Genesis Energy had a net margin of 1.16% and a return on equity of 5.92%. Genesis Energy’s revenue was up 53.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.01 EPS. As a group, equities analysts predict that Genesis Energy, L.P. will post -0.28 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Wednesday, October 31st were issued a $0.54 dividend. This is a boost from Genesis Energy’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Tuesday, October 30th. This represents a $2.16 annualized dividend and a yield of 9.69%. Genesis Energy’s dividend payout ratio (DPR) is currently 203.77%.
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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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