Concert Wealth Management Inc. boosted its position in shares of Genesis Energy, L.P. (NYSE:GEL) by 4.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,960 shares of the company’s stock after buying an additional 605 shares during the period. Concert Wealth Management Inc.’s holdings in Genesis Energy, L.P. were worth $420,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. M&T Bank Corp raised its stake in shares of Genesis Energy, L.P. by 3.3% in the first quarter. M&T Bank Corp now owns 29,794 shares of the company’s stock worth $947,000 after buying an additional 963 shares during the last quarter. Cypress Wealth Advisors LLC raised its stake in shares of Genesis Energy, L.P. by 7.5% in the first quarter. Cypress Wealth Advisors LLC now owns 33,175 shares of the company’s stock worth $1,055,000 after buying an additional 2,310 shares during the last quarter. State Street Corp raised its stake in shares of Genesis Energy, L.P. by 4.0% in the first quarter. State Street Corp now owns 78,456 shares of the company’s stock worth $2,494,000 after buying an additional 3,047 shares during the last quarter. Rafferty Asset Management LLC purchased a new stake in shares of Genesis Energy, L.P. during the first quarter worth $2,086,000. Finally, Uniplan Investment Counsel Inc. purchased a new stake in shares of Genesis Energy, L.P. during the first quarter worth $2,420,000.
Shares of Genesis Energy, L.P. (NYSE:GEL) traded up 0.31% on Thursday, reaching $35.85. 308,033 shares of the company’s stock traded hands. The company has a 50 day moving average of $35.84 and a 200-day moving average of $35.74. Genesis Energy, L.P. has a 52 week low of $19.55 and a 52 week high of $44.00. The stock has a market capitalization of $4.23 billion, a PE ratio of 8.72 and a beta of 1.09.
Genesis Energy, L.P. (NYSE:GEL) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by $0.15. The business had revenue of $446 million for the quarter, compared to the consensus estimate of $585.96 million. During the same period in the prior year, the company posted $0.12 EPS. The firm’s revenue for the quarter was down 32.0% compared to the same quarter last year. Equities research analysts forecast that Genesis Energy, L.P. will post $1.30 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Friday, October 28th will be paid a dividend of $0.70 per share. This is an increase from Genesis Energy, L.P.’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 7.83%. The ex-dividend date is Wednesday, October 26th.
GEL has been the topic of a number of analyst reports. Janney Montgomery Scott restated a “buy” rating and issued a $44.00 price objective (up from $32.00) on shares of Genesis Energy, L.P. in a report on Thursday, June 16th. Citigroup Inc. upgraded shares of Genesis Energy, L.P. from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $48.00 to $46.00 in a report on Friday, July 1st. Zacks Investment Research raised shares of Genesis Energy, L.P. from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Tuesday, July 5th. Wells Fargo & Co. raised shares of Genesis Energy, L.P. from a “market perform” rating to an “outperform” rating in a research report on Monday, July 18th. Finally, Wunderlich dropped their target price on shares of Genesis Energy, L.P. from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Thursday, August 4th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $41.25.
About Genesis Energy, L.P.
Genesis Energy, L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through five segments: Offshore Pipeline Transportation, Onshore 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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