Infrastructure Capital Advisors LLC reduced its stake in Genesis Energy, L.P. (NYSE:GEL) by 53.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 273,793 shares of the pipeline company’s stock after selling 308,688 shares during the period. Genesis Energy makes up approximately 0.7% of Infrastructure Capital Advisors LLC’s portfolio, making the stock its 23rd biggest position. Infrastructure Capital Advisors LLC’s holdings in Genesis Energy were worth $5,985,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Moneta Group Investment Advisors LLC raised its holdings in Genesis Energy by 2,404.0% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 41,917 shares of the pipeline company’s stock valued at $50,000 after buying an additional 40,243 shares during the period. Zions Bancorporation N.A. purchased a new stake in Genesis Energy in the 1st quarter valued at about $57,000. Belpointe Asset Management LLC raised its holdings in Genesis Energy by 12.7% in the 1st quarter. Belpointe Asset Management LLC now owns 8,001 shares of the pipeline company’s stock valued at $186,000 after buying an additional 900 shares during the period. GWM Advisors LLC raised its holdings in Genesis Energy by 97.2% in the 1st quarter. GWM Advisors LLC now owns 23,070 shares of the pipeline company’s stock valued at $196,000 after buying an additional 11,370 shares during the period. Finally, Penserra Capital Management LLC purchased a new stake in Genesis Energy in the 1st quarter valued at about $210,000. Hedge funds and other institutional investors own 86.40% of the company’s stock.
In other news, General Counsel Kristen O. Jesulaitis acquired 5,000 shares of Genesis Energy stock in a transaction on Monday, August 12th. The stock was bought at an average price of $19.97 per share, for a total transaction of $99,850.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Ryan S. Sims acquired 3,000 shares of Genesis Energy stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $19.94 per share, with a total value of $59,820.00. Following the purchase, the vice president now owns 11,300 shares of the company’s stock, valued at approximately $225,322. The disclosure for this purchase can be found here. Insiders purchased 13,000 shares of company stock valued at $260,270 over the last ninety days. 0.72% of the stock is currently owned by corporate insiders.
Genesis Energy (NYSE:GEL) last announced its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.17 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.17. The firm had revenue of $634.80 million during the quarter, compared to the consensus estimate of $685.95 million. Genesis Energy had a return on equity of 7.09% and a net margin of 1.15%. The firm’s quarterly revenue was down 15.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) earnings per share. On average, research analysts predict that Genesis Energy, L.P. will post 0.63 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 10.40%. The ex-dividend date of this dividend was Tuesday, July 30th. Genesis Energy’s dividend payout ratio (DPR) is -2,750.00%.
Several analysts recently issued reports on the stock. Raymond James lowered shares of Genesis Energy from an “outperform” rating to a “market perform” rating in a report on Wednesday, June 26th. They noted that the move was a valuation call. Royal Bank of Canada restated a “buy” rating and issued a $27.00 price objective on shares of Genesis Energy in a report on Thursday, August 8th. ValuEngine lowered shares of Genesis Energy from a “buy” rating to a “hold” rating in a report on Friday, June 7th. Finally, Zacks Investment Research lowered shares of Genesis Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $25.50.
About Genesis Energy
Genesis Energy, L.P. operates in the midstream segment of the crude oil and natural gas industry. The company's Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations; and in the deep water pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico.
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