Wall Street analysts predict that Genesis Energy, L.P. (NYSE:GEL) will post $675.70 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Genesis Energy’s earnings. The lowest sales estimate is $642.10 million and the highest is $709.30 million. Genesis Energy posted sales of $428.05 million during the same quarter last year, which suggests a positive year over year growth rate of 57.9%. The company is scheduled to report its next quarterly earnings report on Thursday, February 15th.
According to Zacks, analysts expect that Genesis Energy will report full-year sales of $675.70 million for the current financial year, with estimates ranging from $1.93 billion to $2.02 billion. For the next financial year, analysts forecast that the business will report sales of $2.85 billion per share, with estimates ranging from $2.69 billion to $2.95 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Genesis Energy.
A number of research firms have recently weighed in on GEL. Zacks Investment Research upgraded Genesis Energy from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. BidaskClub cut Genesis Energy from a “sell” rating to a “strong sell” rating in a report on Thursday, August 10th. Royal Bank Of Canada reiterated a “hold” rating and set a $34.00 price target on shares of Genesis Energy in a report on Wednesday, September 27th. Robert W. Baird set a $29.00 price target on Genesis Energy and gave the stock a “buy” rating in a report on Friday, October 13th. Finally, Janney Montgomery Scott set a $30.00 price target on Genesis Energy and gave the stock a “buy” rating in a report on Friday, October 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. Genesis Energy has an average rating of “Hold” and an average target price of $33.45.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 9.21%. The ex-dividend date of this dividend was Monday, October 30th. Genesis Energy’s dividend payout ratio is currently 281.69%.
In other Genesis Energy news, VP Richard R. Alexander bought 5,500 shares of the business’s stock in a transaction dated Monday, December 4th. The shares were acquired at an average price of $22.66 per share, with a total value of $124,630.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sharilyn S. Gasaway bought 10,000 shares of the business’s stock in a transaction dated Wednesday, November 8th. The shares were acquired at an average cost of $23.09 per share, for a total transaction of $230,900.00. Following the transaction, the director now directly owns 278,364 shares in the company, valued at approximately $6,427,424.76. The disclosure for this purchase can be found here. Insiders acquired a total of 250,579 shares of company stock worth $5,537,772 in the last ninety days. 0.72% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Ffcm LLC increased its position in Genesis Energy by 205.4% during the second quarter. Ffcm LLC now owns 3,573 shares of the pipeline company’s stock worth $116,000 after buying an additional 2,403 shares during the period. The Manufacturers Life Insurance Company increased its position in Genesis Energy by 7.5% during the second quarter. The Manufacturers Life Insurance Company now owns 3,897 shares of the pipeline company’s stock worth $124,000 after buying an additional 271 shares during the period. Pathstone Family Office LLC acquired a new position in Genesis Energy during the second quarter worth approximately $133,000. Chicago Partners Investment Group LLC increased its position in Genesis Energy by 342.2% during the third quarter. Chicago Partners Investment Group LLC now owns 4,351 shares of the pipeline company’s stock worth $115,000 after buying an additional 3,367 shares during the period. Finally, Bank of Montreal Can increased its position in Genesis Energy by 13.0% during the second quarter. Bank of Montreal Can now owns 4,959 shares of the pipeline company’s stock worth $158,000 after buying an additional 570 shares during the period. 73.52% of the stock is currently owned by institutional investors and hedge funds.
About Genesis Energy
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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