Genesis Energy, L.P. (NYSE:GEL) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Genesis Energy operates crude oil common carrier pipelines and is an independent gatherer and marketer of crude oil in North America, with operations concentrated in Texas, Louisiana, Alabama, Florida, Mississippi and New Mexico. “
GEL has been the topic of several other research reports. Citigroup Inc. upgraded shares of Genesis Energy, L.P. from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $48.00 to $46.00 in a report on Friday, July 1st. TheStreet upgraded shares of Genesis Energy, L.P. from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Credit Suisse Group AG restated a “neutral” rating on shares of Genesis Energy, L.P. in a report on Monday, August 15th. Wunderlich dropped their price target on shares of Genesis Energy, L.P. from $41.00 to $39.00 and set a “buy” rating on the stock in a research note on Thursday, August 4th. Finally, Wells Fargo & Co. upgraded shares of Genesis Energy, L.P. from a “market perform” rating to an “outperform” rating in a research note on Monday, July 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $41.25.
Genesis Energy, L.P. (NYSE:GEL) opened at 36.25 on Wednesday. The company has a market cap of $4.28 billion, a PE ratio of 8.82 and a beta of 1.09. Genesis Energy, L.P. has a 12-month low of $19.55 and a 12-month high of $44.32. The stock has a 50 day moving average of $35.87 and a 200 day moving average of $35.58.
Genesis Energy, L.P. (NYSE:GEL) last issued its earnings results on Wednesday, August 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.15. The company had revenue of $446 million for the quarter, compared to the consensus estimate of $585.96 million. During the same quarter in the prior year, the company earned $0.12 EPS. The company’s revenue was down 32.0% compared to the same quarter last year. Equities analysts expect that Genesis Energy, L.P. will post $1.30 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Friday, October 28th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 7.72%. This is an increase from Genesis Energy, L.P.’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Wednesday, October 26th.
Several hedge funds have recently made changes to their positions in the stock. Enterprise Financial Services Corp increased its stake in shares of Genesis Energy, L.P. by 0.5% in the second quarter. Enterprise Financial Services Corp now owns 2,654 shares of the company’s stock valued at $102,000 after buying an additional 14 shares during the last quarter. Balentine LLC purchased a new stake in shares of Genesis Energy, L.P. during the second quarter valued at approximately $115,000. Solaris Asset Management LLC increased its stake in shares of Genesis Energy, L.P. by 4.2% in the second quarter. Solaris Asset Management LLC now owns 3,075 shares of the company’s stock valued at $118,000 after buying an additional 125 shares during the last quarter. Advisor Group Inc. purchased a new stake in shares of Genesis Energy, L.P. during the second quarter valued at approximately $122,000. Finally, Kings Point Capital Management purchased a new stake in shares of Genesis Energy, L.P. during the second quarter valued at approximately $129,000.
Genesis Energy, L.P. Company Profile
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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