Genesis Energy, L.P. (NYSE:GEL) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday, August 1st.
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 reports. Credit Suisse Group upgraded Genesis Energy, L.P. from a “neutral” rating to an “outperform” rating in a research report on Monday, May 15th. BidaskClub upgraded Genesis Energy, L.P. from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Barclays PLC cut Genesis Energy, L.P. from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $33.00 to $31.00 in a research report on Tuesday, July 18th. Robert W. Baird reiterated a “neutral” rating and set a $35.00 price target (down from $37.00) on shares of Genesis Energy, L.P. in a research report on Thursday, July 13th. Finally, UBS AG reiterated a “buy” rating and set a $41.00 price target (down from $43.00) on shares of Genesis Energy, L.P. in a research report on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $37.55.
Genesis Energy, L.P. (GEL) traded down 1.56% during trading on Tuesday, reaching $27.70. 822,363 shares of the company were exchanged. Genesis Energy, L.P. has a one year low of $27.64 and a one year high of $38.36. The firm’s 50 day moving average price is $30.42 and its 200-day moving average price is $32.10. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of 28.59 and a beta of 1.20.
Genesis Energy, L.P. (NYSE:GEL) last announced its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. Genesis Energy, L.P. had a return on equity of 5.32% and a net margin of 6.73%. The business had revenue of $406.72 million for the quarter, compared to analysts’ expectations of $503.22 million. On average, equities research analysts predict that Genesis Energy, L.P. will post $1.09 earnings per share for the current year.
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In related news, CFO Robert V. Deere acquired 34,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were bought at an average cost of $30.34 per share, for a total transaction of $1,031,560.00. Following the completion of the transaction, the chief financial officer now owns 783,935 shares in the company, valued at $23,784,587.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. OppenheimerFunds Inc. boosted its position in 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 valued at $460,760,000 after buying an additional 3,932,520 shares during the period. Chickasaw Capital Management LLC boosted its position in 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 valued at $257,724,000 after buying an additional 857,082 shares during the period. Alps Advisors Inc. boosted its position in 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 valued at $248,521,000 after buying an additional 594,859 shares during the period. Tortoise Capital Advisors L.L.C. boosted its position in 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 valued at $327,222,000 after buying an additional 431,059 shares during the period. Finally, Cannell Peter B & Co. Inc. raised its stake in shares of Genesis Energy, L.P. by 74.5% in the second quarter. Cannell Peter B & Co. Inc. now owns 775,690 shares of the pipeline company’s stock valued at $24,613,000 after buying an additional 331,225 shares in the last quarter. Institutional investors own 73.99% of the company’s stock.
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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