Genesis Energy, L.P. (GEL) Bonds Drop 0.9% During Trading

An issue of Genesis Energy, L.P. (NYSE:GEL) debt fell 0.9% as a percentage of its face value during trading on Friday. The debt issue has a 5.625% coupon and will mature on June 15, 2024. The debt is now trading at $96.88. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.

A number of analysts recently issued reports on GEL shares. BidaskClub lowered Genesis Energy, L.P. from a “sell” rating to a “strong sell” rating in a report on Saturday, June 10th. Zacks Investment Research upgraded Genesis Energy, L.P. from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a report on Wednesday, July 12th. Robert W. Baird reiterated a “neutral” rating and issued a $35.00 price target (down previously from $37.00) on shares of Genesis Energy, L.P. in a report on Thursday, July 13th. Finally, Barclays PLC lowered Genesis Energy, L.P. from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $33.00 to $31.00 in a report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $37.18.

Genesis Energy, L.P. (NYSE GEL) traded down 1.30% during mid-day trading on Friday, reaching $25.80. The company’s stock had a trading volume of 317,296 shares. The company’s 50-day moving average price is $27.39 and its 200 day moving average price is $30.42. Genesis Energy, L.P. has a 52 week low of $25.65 and a 52 week high of $38.36. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 26.63 and a beta of 1.22.

Genesis Energy, L.P. (NYSE:GEL) last posted its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.05. The business had revenue of $406.72 million during the quarter, compared to the consensus estimate of $503.22 million. Genesis Energy, L.P. had a net margin of 6.73% and a return on equity of 5.32%. On average, equities analysts forecast that Genesis Energy, L.P. will post $1.06 earnings per share for the current fiscal year.

In other Genesis Energy, L.P. news, Director Kenneth M. Jastrow II purchased 7,804 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was acquired at an average price of $27.25 per share, for a total transaction of $212,659.00. Following the completion of the purchase, the director now directly owns 35,000 shares in the company, valued at approximately $953,750. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Kenneth M. Jastrow II purchased 27,196 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was acquired at an average price of $26.74 per share, with a total value of $727,221.04. Following the purchase, the director now owns 9,397 shares of the company’s stock, valued at $251,275.78. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

Several large investors have recently bought and sold shares of the business. OppenheimerFunds Inc. grew its stake in shares of Genesis Energy, L.P. by 38.3% in the first quarter. OppenheimerFunds Inc. now owns 14,212,229 shares of the pipeline company’s stock worth $460,760,000 after acquiring an additional 3,932,520 shares in the last quarter. Tortoise Capital Advisors L.L.C. lifted its position in shares of Genesis Energy, L.P. by 4.4% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 10,312,699 shares of the pipeline company’s stock worth $327,222,000 after purchasing an additional 431,059 shares during the last quarter. Clearbridge Investments LLC lifted its position in shares of Genesis Energy, L.P. by 2.7% during the 1st quarter. Clearbridge Investments LLC now owns 9,054,077 shares of the pipeline company’s stock worth $293,533,000 after purchasing an additional 238,610 shares during the last quarter. Chickasaw Capital Management LLC lifted its position in shares of Genesis Energy, L.P. by 3.8% during the 2nd quarter. Chickasaw Capital Management LLC now owns 8,250,616 shares of the pipeline company’s stock worth $261,792,000 after purchasing an additional 301,090 shares during the last quarter. Finally, Alps Advisors Inc. lifted its position in shares of Genesis Energy, L.P. by 8.2% during the 2nd quarter. Alps Advisors Inc. now owns 7,832,361 shares of the pipeline company’s stock worth $248,521,000 after purchasing an additional 594,859 shares during the last quarter. Institutional investors and hedge funds own 74.49% of the company’s stock.

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Genesis Energy, L.P. Company Profile

Genesis Energy L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through four segments: Offshore 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.

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