Summit Financial LLC Takes Position in Genesis Energy, L.P. (NYSE:GEL)

Summit Financial LLC bought a new position in Genesis Energy, L.P. (NYSE:GEL) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 210,497 shares of the pipeline company’s stock, valued at approximately $2,128,000. Summit Financial LLC owned approximately 0.17% of Genesis Energy at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Captrust Financial Advisors lifted its stake in Genesis Energy by 2.9% during the third quarter. Captrust Financial Advisors now owns 31,720 shares of the pipeline company’s stock valued at $424,000 after buying an additional 900 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Genesis Energy by 4.5% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 36,520 shares of the pipeline company’s stock valued at $369,000 after acquiring an additional 1,584 shares during the period. Stifel Financial Corp raised its holdings in shares of Genesis Energy by 10.8% during the third quarter. Stifel Financial Corp now owns 18,722 shares of the pipeline company’s stock valued at $250,000 after acquiring an additional 1,819 shares during the period. Millburn Ridgefield Corp acquired a new position in Genesis Energy in the 3rd quarter worth approximately $59,000. Finally, BBR Partners LLC grew its position in Genesis Energy by 20.9% during the 4th quarter. BBR Partners LLC now owns 58,583 shares of the pipeline company’s stock worth $592,000 after purchasing an additional 10,122 shares in the last quarter. 66.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on GEL. Wells Fargo & Company upgraded Genesis Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $15.00 to $18.00 in a report on Monday, March 17th. Royal Bank of Canada raised their price objective on Genesis Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Monday, March 17th.

Genesis Energy Stock Down 0.2 %

Genesis Energy stock opened at $15.68 on Tuesday. The firm’s 50 day moving average price is $12.54 and its two-hundred day moving average price is $12.04. The firm has a market cap of $1.92 billion, a PE ratio of -12.65 and a beta of 1.92. Genesis Energy, L.P. has a twelve month low of $9.86 and a twelve month high of $16.44. The company has a debt-to-equity ratio of 5.13, a quick ratio of 0.91 and a current ratio of 1.03.

Genesis Energy (NYSE:GEL) last posted its quarterly earnings results on Thursday, February 13th. The pipeline company reported ($0.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.53). The company had revenue of $725.55 million during the quarter. Genesis Energy had a negative return on equity of 7.71% and a negative net margin of 2.16%.

Genesis Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend was Friday, January 31st. Genesis Energy’s dividend payout ratio (DPR) is presently -53.23%.

Genesis Energy Profile

Genesis Energy, L.P. provides integrated suite of midstream services in crude oil and natural gas industry in the United States. It operates through Offshore Pipeline Transportation, Soda and Sulfur Services, Marine Transportation, and Onshore Facilities and Transportation segments. The Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations, as well as deep water pipeline servicing.