Biltmore Capital Advisors LLC increased its holdings in Genesis Energy, L.P. (NYSE:GEL) by 50.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 300,000 shares of the pipeline company’s stock after acquiring an additional 100,000 shares during the quarter. Genesis Energy comprises about 1.7% of Biltmore Capital Advisors LLC’s investment portfolio, making the stock its 18th biggest holding. Biltmore Capital Advisors LLC owned about 0.24% of Genesis Energy worth $6,441,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. Invesco Ltd. grew its position in Genesis Energy by 113,645.7% during the 2nd quarter. Invesco Ltd. now owns 17,975,234 shares of the pipeline company’s stock valued at $393,657,000 after purchasing an additional 17,959,431 shares during the last quarter. Bank of Montreal Can grew its position in Genesis Energy by 138.5% during the 2nd quarter. Bank of Montreal Can now owns 1,488,421 shares of the pipeline company’s stock valued at $32,596,000 after purchasing an additional 864,406 shares during the last quarter. BlackRock Inc. grew its position in Genesis Energy by 12.3% during the 2nd quarter. BlackRock Inc. now owns 1,488,041 shares of the pipeline company’s stock valued at $32,587,000 after purchasing an additional 163,141 shares during the last quarter. Tortoise Capital Advisors L.L.C. grew its position in Genesis Energy by 1,618.0% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 799,532 shares of the pipeline company’s stock valued at $17,510,000 after purchasing an additional 752,993 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. grew its position in Genesis Energy by 2.8% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 737,700 shares of the pipeline company’s stock valued at $15,838,000 after purchasing an additional 20,000 shares during the last quarter. Institutional investors own 71.12% of the company’s stock.
GEL stock traded down $0.92 during trading on Friday, hitting $18.84. 873,418 shares of the stock traded hands, compared to its average volume of 576,136. Genesis Energy, L.P. has a 1 year low of $17.55 and a 1 year high of $24.04. The firm’s 50 day moving average is $21.29 and its two-hundred day moving average is $21.74. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of -235.50 and a beta of 1.27. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.24 and a quick ratio of 1.00.
Genesis Energy (NYSE:GEL) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported ($0.01) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.12). Genesis Energy had a net margin of 1.15% and a return on equity of 7.09%. The firm had revenue of $621.70 million for the quarter, compared to analysts’ expectations of $613.81 million. During the same period last year, the company posted ($0.15) earnings per share. The business’s revenue for the quarter was down 16.6% compared to the same quarter last year. As a group, analysts anticipate that Genesis Energy, L.P. will post 0.47 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 11.68%. The ex-dividend date is Wednesday, October 30th. Genesis Energy’s payout ratio is presently -2,750.00%.
Several analysts recently commented on GEL shares. UBS Group cut their price objective on shares of Genesis Energy from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday. Royal Bank of Canada reissued a “buy” rating and set a $27.00 price objective on shares of Genesis Energy in a research report on Thursday, August 8th. Finally, Zacks Investment Research downgraded shares of Genesis Energy from a “hold” rating to a “sell” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $24.67.
In related news, insider Edward T. Flynn purchased 5,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were purchased at an average price of $20.12 per share, with a total value of $100,600.00. Following the acquisition, the insider now directly owns 48,916 shares in the company, valued at approximately $984,189.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Ryan S. Sims purchased 3,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were bought at an average cost of $19.94 per share, for a total transaction of $59,820.00. Following the acquisition, the vice president now owns 11,300 shares in the company, valued at $225,322. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 13,000 shares of company stock worth $260,270. Insiders own 0.72% of the company’s stock.
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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