Genesis Energy, L.P. (NYSE:GEL) announced a quarterly dividend on Wednesday, October 9th, Zacks reports. Shareholders of record on Thursday, October 31st will be paid a dividend of 0.55 per share by the pipeline company on Thursday, November 14th. This represents a $2.20 dividend on an annualized basis and a yield of 10.01%. The ex-dividend date of this dividend is Wednesday, October 30th.
Genesis Energy has decreased its dividend by an average of 5.3% per year over the last three years. Genesis Energy has a dividend payout ratio of 666.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Genesis Energy to earn $1.12 per share next year, which means the company may not be able to cover its $2.20 annual dividend with an expected future payout ratio of 196.4%.
Genesis Energy stock opened at $21.98 on Thursday. The stock’s 50-day moving average is $21.42 and its 200-day moving average is $22.07. The company has a market cap of $2.70 billion, a price-to-earnings ratio of -274.75 and a beta of 1.26. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.24 and a quick ratio of 1.00. Genesis Energy has a 12 month low of $17.55 and a 12 month high of $25.40.
A number of equities analysts have recently commented on the company. 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. Raymond James downgraded 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. UBS Group dropped their target price on Genesis Energy from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, September 27th. Finally, Zacks Investment Research downgraded 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 two have given a buy rating to the company. Genesis Energy has a consensus rating of “Hold” and an average price target of $25.60.
In related news, General Counsel Kristen O. Jesulaitis acquired 5,000 shares of Genesis Energy stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $19.97 per share, for a total transaction of $99,850.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Ryan S. Sims acquired 3,000 shares of Genesis Energy stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average price of $19.94 per share, with a total value of $59,820.00. Following the transaction, the vice president now directly owns 11,300 shares in the company, valued at $225,322. The disclosure for this purchase can be found here. In the last quarter, insiders bought 13,000 shares of company stock valued at $260,270. 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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