Pekin Hardy Strauss Inc. Reduces Stock Position in Genesis Energy, L.P. (NYSE:GEL)

Pekin Hardy Strauss Inc. lessened its holdings in Genesis Energy, L.P. (NYSE:GEL) by 2.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,200 shares of the pipeline company’s stock after selling 1,600 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Genesis Energy were worth $925,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Chickasaw Capital Management LLC boosted its stake in Genesis Energy by 6.5% in the second quarter. Chickasaw Capital Management LLC now owns 4,291,499 shares of the pipeline company’s stock valued at $61,411,000 after acquiring an additional 262,784 shares in the last quarter. Creative Planning boosted its stake in Genesis Energy by 1.9% in the third quarter. Creative Planning now owns 3,105,454 shares of the pipeline company’s stock valued at $41,520,000 after acquiring an additional 59,263 shares in the last quarter. ING Groep NV boosted its stake in Genesis Energy by 15.1% in the third quarter. ING Groep NV now owns 762,700 shares of the pipeline company’s stock valued at $10,197,000 after acquiring an additional 100,000 shares in the last quarter. ELCO Management Co. LLC boosted its stake in Genesis Energy by 10.7% in the second quarter. ELCO Management Co. LLC now owns 188,304 shares of the pipeline company’s stock valued at $2,695,000 after acquiring an additional 18,170 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Genesis Energy by 1.0% in the third quarter. Exchange Traded Concepts LLC now owns 132,904 shares of the pipeline company’s stock valued at $1,777,000 after acquiring an additional 1,286 shares in the last quarter. Hedge funds and other institutional investors own 66.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada increased their target price on shares of Genesis Energy from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Capital One Financial upgraded shares of Genesis Energy from an “equal weight” rating to an “overweight” rating in a research note on Friday, November 1st. Finally, StockNews.com downgraded shares of Genesis Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 5th.

Genesis Energy Price Performance

Shares of GEL opened at $11.78 on Monday. The stock has a fifty day moving average of $12.61 and a two-hundred day moving average of $13.17. The company has a current ratio of 1.03, a quick ratio of 0.91 and a debt-to-equity ratio of 5.13. Genesis Energy, L.P. has a fifty-two week low of $10.01 and a fifty-two week high of $15.17.

Genesis Energy (NYSE:GEL) last announced its quarterly earnings data on Thursday, October 31st. The pipeline company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.22). Genesis Energy had a negative net margin of 0.09% and a negative return on equity of 0.31%. The company had revenue of $714.30 million for the quarter. During the same period in the previous year, the company earned $0.29 earnings per share.

Genesis Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a $0.165 dividend. This is a boost from Genesis Energy’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a yield of 5.60%. The ex-dividend date of this dividend was Thursday, October 31st. Genesis Energy’s dividend payout ratio is presently -89.19%.

About Genesis Energy

Genesis Energy, L.P. provides integrated suite of midstream services in crude oil and natural gas industry in the United States. It operates through Offshore Pipeline Transportation, Soda and Sulfur Services, Marine Transportation, and Onshore Facilities and Transportation segments. The Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations, as well as deep water pipeline servicing.