Summit Financial LLC Acquires New Shares in Genesis Energy, L.P. (NYSE:GEL)

Summit Financial LLC acquired a new position in Genesis Energy, L.P. (NYSE:GEL) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 210,497 shares of the pipeline company’s stock, valued at approximately $2,128,000.

Several other hedge funds have also recently bought and sold shares of GEL. Captrust Financial Advisors increased its holdings in shares of Genesis Energy by 2.9% during the 3rd quarter. Captrust Financial Advisors now owns 31,720 shares of the pipeline company’s stock valued at $424,000 after acquiring an additional 900 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Genesis Energy by 4.5% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 36,520 shares of the pipeline company’s stock worth $369,000 after purchasing an additional 1,584 shares during the last quarter. Stifel Financial Corp boosted its position in Genesis Energy by 10.8% during the third quarter. Stifel Financial Corp now owns 18,722 shares of the pipeline company’s stock worth $250,000 after purchasing an additional 1,819 shares during the period. Millburn Ridgefield Corp acquired a new position in Genesis Energy during the third quarter valued at approximately $59,000. Finally, BBR Partners LLC lifted its stake in shares of Genesis Energy by 20.9% in the fourth quarter. BBR Partners LLC now owns 58,583 shares of the pipeline company’s stock worth $592,000 after buying an additional 10,122 shares during the last quarter. 66.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GEL has been the topic of a number of research analyst reports. Royal Bank of Canada raised their target price on shares of Genesis Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Monday, March 17th. Wells Fargo & Company upgraded shares of Genesis Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $15.00 to $18.00 in a report on Monday, March 17th.

Genesis Energy Stock Down 0.2 %

GEL opened at $15.68 on Tuesday. The business has a 50 day moving average of $12.54 and a 200-day moving average of $12.04. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -12.65 and a beta of 1.92. 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 1-year low of $9.86 and a 1-year high of $16.44.

Genesis Energy (NYSE:GEL) last issued its quarterly earnings results on Thursday, February 13th. The pipeline company reported ($0.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.53). Genesis Energy had a negative net margin of 2.16% and a negative return on equity of 7.71%. The company had revenue of $725.55 million during the quarter.

Genesis Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.165 per share. The ex-dividend date was Friday, January 31st. This represents a $0.66 annualized dividend and a yield of 4.21%. Genesis Energy’s dividend payout ratio is -53.23%.

Genesis Energy Profile

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.