Genesis Energy, L.P. (GEL) Upgraded to “Hold” at Zacks Investment Research
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 a number of other research reports. Citigroup Inc. upgraded Genesis Energy, L.P. from a neutral rating to a buy rating and decreased their price objective for the company from $48.00 to $46.00 in a report on Friday, July 1st. TheStreet upgraded 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 decreased their price objective on Genesis Energy, L.P. from $41.00 to $39.00 and set a buy rating on the stock in a report on Thursday, August 4th. Finally, Wells Fargo & Co. upgraded Genesis Energy, L.P. from a market perform rating to an outperform rating in a report on Monday, July 18th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $41.25.
Genesis Energy, L.P. (NYSE:GEL) opened at 36.50 on Tuesday. Genesis Energy, L.P. has a 12-month low of $19.55 and a 12-month high of $44.00. The stock has a 50 day moving average of $35.86 and a 200 day moving average of $35.74. The stock has a market cap of $4.31 billion, a P/E ratio of 8.88 and a beta of 1.09.
Genesis Energy, L.P. (NYSE:GEL) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by $0.15. The business earned $446 million during the quarter, compared to the consensus estimate of $585.96 million. The business’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 EPS. On average, equities research analysts anticipate that Genesis Energy, L.P. will post $1.30 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Investors of record on Friday, October 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 7.67%. This is an increase from Genesis Energy, L.P.’s previous quarterly dividend of $0.69. The ex-dividend date is Wednesday, October 26th.
Several hedge funds have recently modified their holdings of GEL. M&T Bank Corp increased its position in 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 valued at $947,000 after buying an additional 963 shares in the last quarter. Cypress Wealth Advisors LLC increased its position in 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 valued at $1,055,000 after buying an additional 2,310 shares in the last quarter. State Street Corp increased its position in Genesis Energy, L.P. by 4.0% in the first quarter. State Street Corp now owns 78,456 shares of the company’s stock valued at $2,494,000 after buying an additional 3,047 shares in the last quarter. Rafferty Asset Management LLC purchased a new position in Genesis Energy, L.P. during the first quarter valued at $2,086,000. Finally, Uniplan Investment Counsel Inc. purchased a new position in Genesis Energy, L.P. during the first quarter valued at $2,420,000.
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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