Genesis Energy, L.P. (GEL) Shares Bought by MAI Capital Management
MAI Capital Management grew its holdings in Genesis Energy, L.P. (NYSE:GEL) by 2.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 187,574 shares of the pipeline company’s stock after purchasing an additional 3,985 shares during the period. MAI Capital Management owned approximately 0.15% of Genesis Energy worth $4,461,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in GEL. Northern Trust Corp raised its holdings in shares of Genesis Energy by 3.4% during the second quarter. Northern Trust Corp now owns 199,251 shares of the pipeline company’s stock worth $4,365,000 after acquiring an additional 6,527 shares in the last quarter. Global X Management Co LLC raised its holdings in shares of Genesis Energy by 22.3% during the second quarter. Global X Management Co LLC now owns 1,495,822 shares of the pipeline company’s stock worth $32,773,000 after acquiring an additional 272,490 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Genesis Energy by 259.9% during the second quarter. Jane Street Group LLC now owns 13,413 shares of the pipeline company’s stock worth $294,000 after acquiring an additional 21,802 shares in the last quarter. Argent Trust Co purchased a new stake in shares of Genesis Energy during the second quarter worth $7,216,000. Finally, First Republic Investment Management Inc. purchased a new stake in shares of Genesis Energy during the second quarter worth $1,844,000. Institutional investors own 73.96% of the company’s stock.
In related news, VP Garland G. Gaspard bought 1,247 shares of the business’s stock in a transaction on Wednesday, September 5th. The shares were bought at an average cost of $24.07 per share, for a total transaction of $30,015.29. Following the completion of the acquisition, the vice president now directly owns 1,247 shares in the company, valued at $30,015.29. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 0.72% of the stock is owned by company insiders.
Genesis Energy (NYSE:GEL) last posted its earnings results on Wednesday, August 8th. The pipeline company reported ($0.05) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.22). Genesis Energy had a net margin of 1.52% and a return on equity of 7.32%. The company had revenue of $752.39 million for the quarter, compared to the consensus estimate of $729.72 million. During the same quarter last year, the business earned $0.28 earnings per share. Genesis Energy’s quarterly revenue was up 85.0% on a year-over-year basis. Analysts anticipate that Genesis Energy, L.P. will post 0.33 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, October 31st will be issued a dividend of $0.54 per share. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.53. This represents a $2.16 annualized dividend and a yield of 8.85%. The ex-dividend date is Tuesday, October 30th. Genesis Energy’s dividend payout ratio (DPR) is 200.00%.
GEL has been the subject of several recent research reports. Zacks Investment Research lowered Genesis Energy from a “hold” rating to a “strong sell” rating in a report on Friday, August 10th. Robert W. Baird lowered Genesis Energy from an “outperform” rating to a “neutral” rating and set a $29.00 price objective for the company. in a report on Tuesday, September 4th. UBS Group increased their price objective on Genesis Energy from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 30th. Raymond James reiterated a “buy” rating on shares of Genesis Energy in a report on Monday, August 13th. Finally, ValuEngine upgraded Genesis Energy from a “sell” rating to a “hold” rating in a report on Monday, August 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $28.50.
Genesis Energy Profile
Genesis Energy, L.P. operates in the midstream segment of the crude oil and natural gas industry. The company's Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations; and in the deep-water pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico.
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