Zacks Investment Research upgraded shares of Genesis Energy, L.P. (NYSE:GEL) from a hold rating to a buy rating in a research report report published on Wednesday, July 12th. They currently have $35.00 price target on the pipeline company’s stock.

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. “

Other research analysts have also recently issued reports about the stock. UBS AG reissued a buy rating and issued a $41.00 price target (down from $43.00) on shares of Genesis Energy, L.P. in a report on Friday, May 5th. BidaskClub cut shares of Genesis Energy, L.P. from a hold rating to a sell rating in a report on Wednesday, July 12th. Credit Suisse Group raised shares of Genesis Energy, L.P. from a neutral rating to an outperform rating and lowered their target price for the stock from $40.00 to $39.00 in a report on Monday, May 8th. Mitsubishi UFJ Financial Group Inc lowered their target price on shares of Genesis Energy, L.P. from $38.00 to $37.00 and set a neutral rating on the stock in a report on Friday, March 24th. Finally, Vetr cut shares of Genesis Energy, L.P. from a strong-buy rating to a buy rating and set a $38.00 target price on the stock. in a report on Wednesday, March 15th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $37.55.

Genesis Energy, L.P. (GEL) opened at 29.59 on Wednesday. The stock has a 50 day moving average price of $30.47 and a 200-day moving average price of $32.41. The firm has a market capitalization of $3.63 billion, a PE ratio of 32.55 and a beta of 1.20. Genesis Energy, L.P. has a 12-month low of $28.16 and a 12-month high of $38.36.

Genesis Energy, L.P. (NYSE:GEL) last released its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.05. The firm had revenue of $406.72 million for the quarter, compared to analysts’ expectations of $503.22 million. Genesis Energy, L.P. had a net margin of 6.73% and a return on equity of 5.32%. On average, equities research analysts forecast that Genesis Energy, L.P. will post $1.10 EPS for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be paid a dividend of $0.723 per share. The ex-dividend date is Thursday, July 27th. This represents a $2.89 annualized dividend and a dividend yield of 9.77%. This is an increase from Genesis Energy, L.P.’s previous quarterly dividend of $0.60. Genesis Energy, L.P.’s dividend payout ratio (DPR) is presently 294.90%.

In other Genesis Energy, L.P. news, CFO Robert V. Deere purchased 34,000 shares of the company’s stock in a transaction dated Tuesday, June 13th. The stock was purchased at an average price of $30.34 per share, with a total value of $1,031,560.00. Following the completion of the purchase, the chief financial officer now owns 783,935 shares of the company’s stock, valued at $23,784,587.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.72% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the company. OppenheimerFunds Inc. increased its position in shares of Genesis Energy, L.P. by 38.3% in the first quarter. OppenheimerFunds Inc. now owns 14,212,229 shares of the pipeline company’s stock worth $460,760,000 after buying an additional 3,932,520 shares in the last quarter. Chickasaw Capital Management LLC increased its position in shares of Genesis Energy, L.P. by 12.1% in the first quarter. Chickasaw Capital Management LLC now owns 7,949,526 shares of the pipeline company’s stock worth $257,724,000 after buying an additional 857,082 shares in the last quarter. Alps Advisors Inc. increased its position in shares of Genesis Energy, L.P. by 8.2% in the second quarter. Alps Advisors Inc. now owns 7,832,361 shares of the pipeline company’s stock worth $248,521,000 after buying an additional 594,859 shares in the last quarter. Tortoise Capital Advisors L.L.C. increased its position in shares of Genesis Energy, L.P. by 4.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 10,312,699 shares of the pipeline company’s stock worth $327,222,000 after buying an additional 431,059 shares in the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of Genesis Energy, L.P. by 2.7% in the first quarter. Clearbridge Investments LLC now owns 9,054,077 shares of the pipeline company’s stock worth $293,533,000 after buying an additional 238,610 shares in the last quarter. 73.99% of the stock is owned by institutional investors and hedge funds.

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 four segments: Offshore 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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