Genesis Energy (NYSE:GEL) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Genesis Energy operates crude oil common carrier pipelines and is an independent gatherer and marketer of crude oil in North America, with operations concentrated in Texas, Louisiana, Alabama, Florida, Mississippi and New Mexico. “
Several other analysts also recently commented on the company. Barclays upped their price objective on Genesis Energy from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Friday, October 12th. Robert W. Baird downgraded Genesis Energy from an “outperform” rating to a “neutral” rating and set a $29.00 price objective for the company. in a research note on Tuesday, September 4th. UBS Group upped their price objective on Genesis Energy from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 30th. ValuEngine raised Genesis Energy from a “sell” rating to a “hold” rating in a research note on Monday, August 20th. Finally, Raymond James reaffirmed a “buy” rating on shares of Genesis Energy in a research note on Monday, August 13th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $28.50.
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). The firm had revenue of $752.39 million during the quarter, compared to analysts’ expectations of $729.72 million. Genesis Energy had a net margin of 1.52% and a return on equity of 7.32%. The firm’s revenue for the quarter was up 85.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 earnings per share. On average, equities research analysts expect that Genesis Energy will post 0.33 EPS for the current year.
In related news, VP Garland G. Gaspard acquired 1,247 shares of Genesis Energy stock in a transaction on Wednesday, September 5th. The stock was purchased at an average cost of $24.07 per share, with a total value of $30,015.29. Following the purchase, the vice president now directly owns 1,247 shares in the company, valued at $30,015.29. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. OppenheimerFunds Inc. increased its position in Genesis Energy by 3.1% during the 2nd quarter. OppenheimerFunds Inc. now owns 16,689,722 shares of the pipeline company’s stock worth $365,672,000 after purchasing an additional 498,828 shares during the period. Chickasaw Capital Management LLC increased its position in Genesis Energy by 6.8% during the 2nd quarter. Chickasaw Capital Management LLC now owns 13,294,227 shares of the pipeline company’s stock worth $291,277,000 after purchasing an additional 844,823 shares during the period. Alps Advisors Inc. increased its position in Genesis Energy by 5.8% during the 2nd quarter. Alps Advisors Inc. now owns 9,067,271 shares of the pipeline company’s stock worth $198,664,000 after purchasing an additional 498,557 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Genesis Energy during the 2nd quarter worth approximately $44,868,000. Finally, Global X Management Co LLC increased its position in Genesis Energy by 22.3% during the 2nd quarter. Global X Management Co LLC now owns 1,495,822 shares of the pipeline company’s stock worth $32,773,000 after purchasing an additional 272,490 shares during the period. 73.96% of the stock is owned by hedge funds and other institutional investors.
About Genesis Energy
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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