Genesis Energy, L.P. (NYSE:GEL) announced a quarterly dividend on Thursday, January 13th, Zacks reports. Shareholders of record on Monday, January 31st will be paid a dividend of 0.15 per share by the pipeline company on Monday, February 14th. This represents a $0.60 dividend on an annualized basis and a yield of 5.29%. The ex-dividend date is Friday, January 28th.
Genesis Energy has decreased its dividend payment by 71.4% over the last three years. Genesis Energy has a dividend payout ratio of 70.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Genesis Energy to earn ($0.14) per share next year, which means the company may not be able to cover its $0.60 annual dividend with an expected future payout ratio of -428.6%.
Shares of NYSE GEL opened at $11.34 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.04 and a debt-to-equity ratio of 5.49. The firm’s fifty day moving average is $11.22 and its two-hundred day moving average is $10.28. Genesis Energy has a 52-week low of $5.73 and a 52-week high of $13.48.
A hedge fund recently raised its stake in Genesis Energy stock. Wells Fargo & Company MN grew its holdings in Genesis Energy, L.P. (NYSE:GEL) by 3.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 106,961 shares of the pipeline company’s stock after purchasing an additional 3,428 shares during the quarter. Wells Fargo & Company MN owned 0.09% of Genesis Energy worth $1,242,000 at the end of the most recent reporting period. 66.71% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have issued reports on the stock. Capital One Financial lowered shares of Genesis Energy from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $12.00 to $11.00 in a research note on Tuesday, November 23rd. Citigroup initiated coverage on shares of Genesis Energy in a report on Friday, December 3rd. They set a “buy” rating on the stock. Royal Bank of Canada increased their price target on shares of Genesis Energy from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, November 11th. Zacks Investment Research raised shares of Genesis Energy from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Barclays cut shares of Genesis Energy from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $10.00 to $12.00 in a research report on Thursday, October 14th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.50.
About Genesis Energy
Genesis Energy LP engages in the provision of midstream services and produces natural soda ash. It operates through the following segments: Offshore Pipeline Transportation, Sodium Minerals and Sulfur Services, Onshore Facilities and Transportation, and Marine Transportation. The Offshore Pipeline Transportation segment owns interests in crude oil and natural gas pipeline transportation and handling operations through its offshore pipeline transportation segment.
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