Sanders Morris Harris LLC purchased a new position in Genesis Energy, L.P. (NYSE:GEL) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 35,700 shares of the pipeline company’s stock, valued at approximately $161,000.
A number of other hedge funds also recently made changes to their positions in the business. Advisor Group Holdings Inc. purchased a new position in shares of Genesis Energy in the first quarter worth $27,000. Pacer Advisors Inc. acquired a new position in Genesis Energy during the 2nd quarter worth approximately $40,000. Captrust Financial Advisors acquired a new position in Genesis Energy during the 2nd quarter worth approximately $62,000. Guggenheim Capital LLC grew its holdings in Genesis Energy by 14.9% during the 1st quarter. Guggenheim Capital LLC now owns 18,558 shares of the pipeline company’s stock worth $73,000 after acquiring an additional 2,406 shares in the last quarter. Finally, XTX Markets LLC acquired a new position in shares of Genesis Energy in the 2nd quarter valued at $74,000. Institutional investors and hedge funds own 65.64% of the company’s stock.
NYSE GEL traded down $0.01 during mid-day trading on Friday, hitting $4.71. The company’s stock had a trading volume of 508,134 shares, compared to its average volume of 1,530,391. The firm has a market capitalization of $577.34 million, a P/E ratio of -1.71 and a beta of 2.54. The stock’s fifty day simple moving average is $4.94 and its two-hundred day simple moving average is $6.14. Genesis Energy, L.P. has a 52-week low of $2.58 and a 52-week high of $22.20. The company has a debt-to-equity ratio of 3.40, a current ratio of 1.56 and a quick ratio of 1.20.
Genesis Energy (NYSE:GEL) last released its quarterly earnings results on Wednesday, August 5th. The pipeline company reported ($2.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($2.71). Genesis Energy had a positive return on equity of 1.18% and a negative net margin of 12.15%. The company had revenue of $388.50 million for the quarter, compared to analyst estimates of $484.49 million. During the same period in the previous year, the business posted $0.17 EPS. The firm’s quarterly revenue was down 10.6% compared to the same quarter last year. On average, equities analysts forecast that Genesis Energy, L.P. will post -0.61 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 12.74%. The ex-dividend date of this dividend is Thursday, October 29th. Genesis Energy’s payout ratio is currently 166.67%.
Several research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Genesis Energy from $7.00 to $9.00 and gave the company an “underweight” rating in a report on Wednesday, July 22nd. Barclays upgraded shares of Genesis Energy from an “equal weight” rating to an “overweight” rating in a research report on Thursday. Royal Bank of Canada reaffirmed a “buy” rating and set a $10.00 price target on shares of Genesis Energy in a research note on Monday, September 21st. ValuEngine cut shares of Genesis Energy from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 10th. Finally, Zacks Investment Research lowered shares of Genesis Energy from a “hold” rating to a “strong sell” rating in a report on Friday, July 24th. Two analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $11.33.
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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