Genesis Energy (NYSE:GEL) Stock Price Down 2.1% – Here’s What Happened

Genesis Energy, L.P. (NYSE:GEL)’s stock price dropped 2.1% during mid-day trading on Thursday . The company traded as low as $10.10 and last traded at $10.13. Approximately 49,797 shares were traded during trading, a decline of 87% from the average daily volume of 389,979 shares. The stock had previously closed at $10.35.

Analyst Ratings Changes

Several brokerages have commented on GEL. Capital One Financial upgraded shares of Genesis Energy from an “equal weight” rating to an “overweight” rating in a research report on Friday, November 1st. Royal Bank of Canada increased their target price on shares of Genesis Energy from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th.

Genesis Energy Stock Up 1.0 %

The stock has a fifty day moving average of $11.46 and a 200-day moving average of $12.86. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -13.77 and a beta of 2.12. The company has a current ratio of 1.03, a quick ratio of 0.91 and a debt-to-equity ratio of 5.13.

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

Genesis Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.165 per share. The ex-dividend date was Thursday, October 31st. This represents a $0.66 dividend on an annualized basis and a dividend yield of 6.48%. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.15. Genesis Energy’s payout ratio is currently -89.19%.

Hedge Funds Weigh In On Genesis Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning acquired a new stake in Genesis Energy during the 2nd quarter valued at $43,591,000. ING Groep NV raised its position in Genesis Energy by 15.1% during the third quarter. ING Groep NV now owns 762,700 shares of the pipeline company’s stock valued at $10,197,000 after buying an additional 100,000 shares during the period. Murchinson Ltd. purchased a new stake in Genesis Energy in the 3rd quarter worth about $1,005,000. Pekin Hardy Strauss Inc. purchased a new stake in Genesis Energy in the 2nd quarter worth about $1,013,000. Finally, BBR Partners LLC purchased a new position in Genesis Energy during the 3rd quarter valued at about $648,000. Institutional investors and hedge funds own 66.82% of the company’s stock.

Genesis Energy Company 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.