Genesis Energy, L.P. (NYSE:GEL) Downgraded by Zacks Investment Research

Genesis Energy, L.P. (NYSE:GEL) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued 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. “

A number of other research firms have also weighed in on GEL. BidaskClub raised shares of Genesis Energy, L.P. from a “sell” rating to a “hold” rating in a report on Monday, July 3rd. Barclays PLC lowered shares of Genesis Energy, L.P. from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $33.00 to $31.00 in a report on Tuesday, July 18th. Credit Suisse Group raised shares of Genesis Energy, L.P. from a “neutral” rating to an “outperform” rating in a report on Monday, May 15th. Robert W. Baird reaffirmed a “neutral” rating and set a $35.00 price target (down from $37.00) on shares of Genesis Energy, L.P. in a report on Thursday, July 13th. Finally, UBS AG reaffirmed a “buy” rating and set a $41.00 price target (down from $43.00) on shares of Genesis Energy, L.P. in a report on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Genesis Energy, L.P. currently has a consensus rating of “Hold” and a consensus target price of $37.55.

Genesis Energy, L.P. (NYSE GEL) traded up 0.46% during midday trading on Tuesday, hitting $26.43. 432,997 shares of the stock traded hands. The company’s 50-day moving average is $29.93 and its 200-day moving average is $31.75. The company has a market cap of $3.24 billion, a PE ratio of 27.28 and a beta of 1.20. Genesis Energy, L.P. has a one year low of $25.87 and a one year 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 Zacks’ consensus estimate of $0.23 by $0.05. The business had revenue of $406.72 million during the quarter, compared to analyst estimates of $503.22 million. Genesis Energy, L.P. had a net margin of 6.73% and a return on equity of 5.32%. Equities research analysts expect that Genesis Energy, L.P. will post $1.07 EPS for the current fiscal year.

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In other Genesis Energy, L.P. news, CFO Robert V. Deere purchased 34,000 shares of Genesis Energy, L.P. stock in a transaction dated 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 transaction, the chief financial officer now owns 783,935 shares in the company, valued at approximately $23,784,587.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.72% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. OppenheimerFunds Inc. increased 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 worth $460,760,000 after buying an additional 3,932,520 shares during the last quarter. Tortoise Capital Advisors L.L.C. increased 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 worth $327,222,000 after buying an additional 431,059 shares during the last quarter. Clearbridge Investments LLC increased its position in 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 during the last quarter. Chickasaw Capital Management LLC increased its position in Genesis Energy, L.P. by 3.8% in the second quarter. Chickasaw Capital Management LLC now owns 8,250,616 shares of the pipeline company’s stock worth $261,792,000 after buying an additional 301,090 shares during the last quarter. Finally, Alps Advisors Inc. increased 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 worth $248,521,000 after buying an additional 594,859 shares during the last quarter. Institutional investors own 74.59% 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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