Tortoise Capital Advisors L.L.C. raised its position in shares of Genesis Energy, L.P. (NYSE:GEL) by 1,618.0% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 799,532 shares of the pipeline company’s stock after purchasing an additional 752,993 shares during the quarter. Tortoise Capital Advisors L.L.C.’s holdings in Genesis Energy were worth $17,510,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in GEL. California Public Employees Retirement System increased its stake in Genesis Energy by 4.1% during the 1st quarter. California Public Employees Retirement System now owns 140,320 shares of the pipeline company’s stock valued at $3,269,000 after purchasing an additional 5,545 shares in the last quarter. Penserra Capital Management LLC bought a new stake in Genesis Energy during the 1st quarter valued at about $210,000. GWM Advisors LLC increased its stake in Genesis Energy by 97.2% during the 1st quarter. GWM Advisors LLC now owns 23,070 shares of the pipeline company’s stock valued at $196,000 after purchasing an additional 11,370 shares in the last quarter. First Trust Advisors LP increased its stake in Genesis Energy by 11.8% during the 1st quarter. First Trust Advisors LP now owns 256,670 shares of the pipeline company’s stock valued at $5,980,000 after purchasing an additional 27,072 shares in the last quarter. Finally, Biltmore Capital Advisors LLC bought a new stake in Genesis Energy during the 1st quarter valued at about $4,660,000. Institutional investors and hedge funds own 71.88% of the company’s stock.
NYSE:GEL traded down $0.48 on Friday, reaching $22.29. 4,951,337 shares of the stock traded hands, compared to its average volume of 462,189. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of -278.63 and a beta of 1.26. The company has a current ratio of 1.24, a quick ratio of 1.00 and a debt-to-equity ratio of 2.19. Genesis Energy, L.P. has a 12 month low of $17.55 and a 12 month high of $25.40. The company’s fifty day simple moving average is $21.08 and its 200 day simple moving average is $22.13.
A number of analysts have weighed in on the stock. Zacks Investment Research lowered shares of Genesis Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 9th. Royal Bank of Canada restated a “buy” rating and set a $27.00 price objective on shares of Genesis Energy in a research note on Thursday, August 8th. Raymond James lowered shares of Genesis Energy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, June 26th. They noted that the move was a valuation call. Finally, ValuEngine lowered shares of Genesis Energy from a “buy” rating to a “hold” rating in a research note on Friday, June 7th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Genesis Energy presently has a consensus rating of “Hold” and an average target price of $25.50.
In related news, VP Ryan S. Sims purchased 3,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $19.94 per share, with a total value of $59,820.00. Following the acquisition, the vice president now directly owns 11,300 shares in the company, valued at approximately $225,322. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Edward T. Flynn purchased 5,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were bought at an average cost of $20.12 per share, for a total transaction of $100,600.00. Following the acquisition, the insider now owns 48,916 shares in the company, valued at $984,189.92. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 13,000 shares of company stock worth $260,270. Insiders own 0.72% of the company’s stock.
Genesis Energy Profile
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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