Trading Report: Today, Genesis Energy, L.P. (GEL) Plans Quarterly Dividend of $0.70

Today, Genesis Energy, L.P. (GEL) Plans Quarterly Dividend of $0.70

Genesis Energy, L.P. (NYSE:GEL) declared a quarterly dividend on Thursday, October 6th. Stockholders of record on Friday, October 28th will be paid a dividend of 0.70 per share on Monday, November 14th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 7.72%. The ex-dividend date of this dividend is Wednesday, October 26th. This is an increase from Genesis Energy, L.P.’s previous quarterly dividend of $0.69.

Genesis Energy, L.P. (NYSE:GEL) opened at 36.25 on Friday. The stock’s 50 day moving average price is $35.87 and its 200-day moving average price is $35.58. The firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of 8.82 and a beta of 1.09. Genesis Energy, L.P. has a 12 month low of $19.55 and a 12 month high of $44.32.

Genesis Energy, L.P. (NYSE:GEL) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by $0.15. The company earned $446 million during the quarter, compared to analyst estimates of $585.96 million. During the same quarter last year, the firm posted $0.12 EPS. Genesis Energy, L.P.’s revenue was down 32.0% compared to the same quarter last year. Equities analysts anticipate that Genesis Energy, L.P. will post $1.30 EPS for the current fiscal year.

Several equities analysts recently issued reports on the company. Barclays PLC raised their price target 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. Janney Montgomery Scott restated a “buy” rating and set a $44.00 price target (up from $32.00) on shares of Genesis Energy, L.P. in a research report on Thursday, June 16th. Citigroup Inc. reduced their price target 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. Wunderlich reduced their price target on Genesis Energy, L.P. from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Thursday, August 4th. Finally, Wells Fargo & Co. upgraded Genesis Energy, L.P. from a “market perform” rating to an “outperform” rating in a research report on Monday, July 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. Genesis Energy, L.P. currently has a consensus rating of “Buy” and a consensus price target of $41.25.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. purchased a new position in Genesis Energy, L.P. during the second quarter worth approximately $122,000. Kings Point Capital Management purchased a new position in Genesis Energy, L.P. during the second quarter worth approximately $129,000. Guggenheim Capital LLC purchased a new position in Genesis Energy, L.P. during the second quarter worth approximately $216,000. Silvercrest Asset Management Group LLC purchased a new position in Genesis Energy, L.P. during the second quarter worth approximately $224,000. Finally, Jane Street Group LLC boosted its position in Genesis Energy, L.P. by 109.3% in the second quarter. Jane Street Group LLC now owns 7,946 shares of the company’s stock worth $305,000 after buying an additional 92,946 shares during the last quarter.

About Genesis Energy, L.P.

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