Credit Suisse AG reduced its holdings in shares of Genesis Energy, L.P. (NYSE:GEL) by 40.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,773 shares of the pipeline company’s stock after selling 17,098 shares during the quarter. Credit Suisse AG’s holdings in Genesis Energy were worth $589,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of GEL. Jane Street Group LLC grew its holdings in shares of Genesis Energy by 259.9% during the second quarter. Jane Street Group LLC now owns 13,413 shares of the pipeline company’s stock valued at $294,000 after buying an additional 21,802 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Genesis Energy during the third quarter valued at about $419,000. Tortoise Index Solutions LLC grew its holdings in shares of Genesis Energy by 17.0% during the third quarter. Tortoise Index Solutions LLC now owns 18,681 shares of the pipeline company’s stock valued at $444,000 after buying an additional 2,709 shares during the last quarter. LVW Advisors LLC grew its holdings in shares of Genesis Energy by 37.0% during the third quarter. LVW Advisors LLC now owns 24,325 shares of the pipeline company’s stock valued at $578,000 after buying an additional 6,575 shares during the last quarter. Finally, Cornerstone Wealth Management LLC acquired a new position in shares of Genesis Energy during the third quarter valued at about $1,750,000. Hedge funds and other institutional investors own 74.85% of the company’s stock.
A number of research analysts recently weighed in on GEL shares. Royal Bank of Canada raised shares of Genesis Energy from a “sector perform” rating to an “outperform” rating and set a $29.00 price target on the stock in a research report on Friday, November 2nd. Robert W. Baird dropped their price target on shares of Genesis Energy from $26.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, November 2nd. ValuEngine raised shares of Genesis Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 15th. Zacks Investment Research lowered shares of Genesis Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, January 4th. Finally, Barclays dropped their price target on shares of Genesis Energy from $25.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Friday, November 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. Genesis Energy has a consensus rating of “Hold” and a consensus target price of $27.75.
Genesis Energy (NYSE:GEL) last released its quarterly earnings results on Thursday, November 1st. The pipeline company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.35). Genesis Energy had a net margin of 1.16% and a return on equity of 5.92%. The firm had revenue of $745.30 million for the quarter, compared to the consensus estimate of $736.85 million. During the same period in the previous year, the business earned $0.01 earnings per share. The firm’s revenue for the quarter was up 53.3% on a year-over-year basis. Equities research analysts predict that Genesis Energy, L.P. will post -0.28 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 14th. Shareholders of record on Thursday, January 31st will be given a $0.55 dividend. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.54. The ex-dividend date is Wednesday, January 30th. This represents a $2.20 annualized dividend and a yield of 10.44%. Genesis Energy’s payout ratio is currently 203.77%.
In related news, VP Chad Anthony Landry acquired 10,000 shares of the stock in a transaction on Tuesday, December 18th. The shares were acquired at an average price of $19.75 per share, with a total value of $197,500.00. Following the completion of the transaction, the vice president now owns 20,000 shares in the company, valued at approximately $395,000. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.72% of the company’s stock.
Genesis Energy Company 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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