Kings Point Capital Management raised its position in shares of Genesis Energy, L.P. (NYSE:GEL) by 22.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,110 shares of the company’s stock after buying an additional 740 shares during the period. Kings Point Capital Management’s holdings in Genesis Energy, L.P. were worth $156,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of the stock. Dividend Assets Capital LLC increased its stake in Genesis Energy, L.P. by 1.2% in the second quarter. Dividend Assets Capital LLC now owns 1,713,020 shares of the company’s stock worth $65,729,000 after buying an additional 20,925 shares during the period. Solaris Asset Management LLC increased its stake in Genesis Energy, L.P. by 4.2% in the second quarter. Solaris Asset Management LLC now owns 3,075 shares of the company’s stock worth $118,000 after buying an additional 125 shares during the period. Pointe Capital Management LLC acquired a new stake in Genesis Energy, L.P. during the second quarter worth $513,000. Diversified Trust Co increased its stake in Genesis Energy, L.P. by 2.4% in the second quarter. Diversified Trust Co now owns 20,147 shares of the company’s stock worth $773,000 after buying an additional 473 shares during the period. Finally, Bank of Montreal Can acquired a new stake in Genesis Energy, L.P. during the second quarter worth $249,000.
Shares of Genesis Energy, L.P. (NYSE:GEL) traded down 0.81% during mid-day trading on Friday, hitting $34.23. The stock had a trading volume of 19,134 shares. Genesis Energy, L.P. has a 12-month low of $19.55 and a 12-month high of $40.90. The firm has a market cap of $4.04 billion, a P/E ratio of 32.17 and a beta of 1.09. The company has a 50 day moving average price of $35.13 and a 200 day moving average price of $36.44.
Genesis Energy, L.P. (NYSE:GEL) last issued its quarterly earnings results on Thursday, November 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by $0.05. The firm earned $460.05 million during the quarter, compared to the consensus estimate of $595.60 million. During the same quarter in the previous year, the business posted $3.38 EPS. The business’s revenue for the quarter was down 19.6% compared to the same quarter last year. Equities analysts forecast that Genesis Energy, L.P. will post $1.14 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Friday, October 28th were given a dividend of $0.70 per share. The ex-dividend date was Wednesday, October 26th. This is a boost from Genesis Energy, L.P.’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 8.11%.
A number of research firms recently weighed in on GEL. Zacks Investment Research downgraded Genesis Energy, L.P. from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 5th. Credit Suisse Group AG reiterated a “neutral” rating on shares of Genesis Energy, L.P. in a research report on Monday, August 15th. Capital One Financial Corp. started coverage on Genesis Energy, L.P. in a research report on Monday, October 17th. They set an “equal weight” rating and a $40.00 target price on the stock. Barclays PLC boosted their target price on Genesis Energy, L.P. from $33.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 10th. Finally, Citigroup Inc. decreased their target price on Genesis Energy, L.P. from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $40.44.
About Genesis Energy, L.P.
Genesis Energy, L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through five segments: Offshore Pipeline Transportation, Onshore Pipeline Transportation, Refinery Services, Marine Transportation, and Supply and Logistics. The Offshore Pipeline Transportation segment is engaged in the offshore transportation of crude oil and natural gas in the Gulf of Mexico.