Millburn Ridgefield Corp Makes New $59,000 Investment in Genesis Energy, L.P. (NYSE:GEL)

Millburn Ridgefield Corp acquired a new position in Genesis Energy, L.P. (NYSE:GEL) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,392 shares of the pipeline company’s stock, valued at approximately $59,000.

Several other hedge funds have also bought and sold shares of the stock. Creative Planning boosted its position in Genesis Energy by 1.9% in the 3rd quarter. Creative Planning now owns 3,105,454 shares of the pipeline company’s stock worth $41,520,000 after purchasing an additional 59,263 shares in the last quarter. Infrastructure Capital Advisors LLC boosted its position in Genesis Energy by 1.0% in the 3rd quarter. Infrastructure Capital Advisors LLC now owns 780,212 shares of the pipeline company’s stock worth $10,431,000 after purchasing an additional 7,604 shares in the last quarter. ING Groep NV raised its stake in shares of Genesis Energy by 15.1% during the 3rd quarter. ING Groep NV now owns 762,700 shares of the pipeline company’s stock worth $10,197,000 after buying an additional 100,000 shares during the period. ELCO Management Co. LLC raised its stake in shares of Genesis Energy by 10.7% during the 2nd quarter. ELCO Management Co. LLC now owns 188,304 shares of the pipeline company’s stock worth $2,695,000 after buying an additional 18,170 shares during the period. Finally, Exchange Traded Concepts LLC raised its stake in shares of Genesis Energy by 1.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 132,904 shares of the pipeline company’s stock worth $1,777,000 after buying an additional 1,286 shares during the period. Hedge funds and other institutional investors own 66.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GEL shares. Royal Bank of Canada upped their target price on Genesis Energy from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Capital One Financial raised Genesis Energy from an “equal weight” rating to an “overweight” rating in a research note on Friday, November 1st.

Genesis Energy Stock Down 3.4 %

NYSE GEL opened at $11.39 on Thursday. The business has a fifty day moving average price of $12.39 and a 200 day moving average price of $13.10. Genesis Energy, L.P. has a one year low of $10.01 and a one year high of $15.17. The company has a debt-to-equity ratio of 5.13, a quick ratio of 0.91 and a current ratio of 1.03. The company has a market cap of $1.39 billion, a P/E ratio of -15.39 and a beta of 2.12.

Genesis Energy (NYSE:GEL) last posted its quarterly earnings data on Thursday, October 31st. The pipeline company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.22). Genesis Energy had a negative net margin of 0.09% and a negative return on equity of 0.31%. The firm had revenue of $714.30 million during the quarter. During the same period in the prior year, the company posted $0.29 earnings per share.

Genesis Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a $0.165 dividend. The ex-dividend date was Thursday, October 31st. This is an increase from Genesis Energy’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a dividend yield of 5.80%. Genesis Energy’s dividend payout ratio (DPR) is -89.19%.

About Genesis Energy

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.