Zacks Investment Research upgraded shares of Genesis Energy (NYSE:GEL) from a hold rating to a strong-buy rating in a research report report published on Monday morning. Zacks Investment Research currently has $27.00 target price 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. “
Several other equities analysts have also recently commented on the stock. Barclays raised shares of Genesis Energy from an underweight rating to an equal weight rating and dropped their target price for the stock from $31.00 to $27.00 in a research report on Friday, October 13th. Royal Bank of Canada dropped their target price on shares of Genesis Energy from $34.00 to $28.00 and set a sector perform rating on the stock in a research report on Friday, October 13th. Robert W. Baird set a $29.00 target price on shares of Genesis Energy and gave the stock a buy rating in a research report on Friday, October 13th. Janney Montgomery Scott set a $30.00 target price on shares of Genesis Energy and gave the stock a buy rating in a research report on Friday, October 13th. Finally, ValuEngine raised shares of Genesis Energy from a sell rating to a hold rating in a report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Genesis Energy has a consensus rating of Hold and a consensus target price of $33.55.
In related news, Director Sharilyn S. Gasaway purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, November 8th. The shares were bought at an average price of $23.09 per share, with a total value of $230,900.00. Following the acquisition, the director now owns 278,364 shares of the company’s stock, valued at approximately $6,427,424.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth M. Jastrow II purchased 15,000 shares of the stock in a transaction that occurred on Tuesday, December 19th. The stock was bought at an average cost of $22.32 per share, for a total transaction of $334,800.00. Following the acquisition, the director now directly owns 50,000 shares in the company, valued at approximately $1,116,000. The disclosure for this purchase can be found here. Insiders purchased a total of 257,775 shares of company stock worth $5,659,913 in the last ninety days. 0.72% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of GEL. Chicago Partners Investment Group LLC grew its stake in Genesis Energy by 342.2% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 4,351 shares of the pipeline company’s stock valued at $115,000 after buying an additional 3,367 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Genesis Energy by 7.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,897 shares of the pipeline company’s stock valued at $124,000 after buying an additional 271 shares in the last quarter. Pathstone Family Office LLC purchased a new position in Genesis Energy in the 2nd quarter valued at approximately $133,000. Advisor Group Inc. grew its stake in Genesis Energy by 9.4% in the 2nd quarter. Advisor Group Inc. now owns 5,453 shares of the pipeline company’s stock valued at $173,000 after buying an additional 470 shares in the last quarter. Finally, BNP Paribas Arbitrage SA purchased a new position in Genesis Energy in the 3rd quarter valued at approximately $189,000. 73.46% of the stock is currently owned by institutional investors.
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About Genesis Energy
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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