Genesis Energy, L.P. (GEL) Bonds Trading 1.5% Higher

An issue of Genesis Energy, L.P. (NYSE:GEL) debt rose 1.5% against its face value during trading on Thursday. The high-yield issue of debt has a 5.625% coupon and is set to mature on June 15, 2024. The debt is now trading at $98.50. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price.

A number of equities research analysts have issued reports on the company. BidaskClub lowered Genesis Energy, L.P. from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 10th. Robert W. Baird reaffirmed a “neutral” rating and issued a $35.00 price target (down previously from $37.00) on shares of Genesis Energy, L.P. in a research report on Thursday, July 13th. Zacks Investment Research raised Genesis Energy, L.P. from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $34.00 price target on shares of Genesis Energy, L.P. in a research report on Monday, August 21st. Finally, Barclays PLC lowered Genesis Energy, L.P. from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $33.00 to $31.00 in a research report on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. Genesis Energy, L.P. has an average rating of “Hold” and an average price target of $37.18.

Genesis Energy, L.P. (GEL) traded down 4.70% on Thursday, hitting $25.14. The stock had a trading volume of 4,031,773 shares. The company’s 50 day moving average is $26.56 and its 200 day moving average is $29.63. The firm has a market cap of $3.08 billion, a PE ratio of 25.94 and a beta of 1.20. Genesis Energy, L.P. has a 12-month low of $24.89 and a 12-month high of $37.88.

Genesis Energy, L.P. (NYSE:GEL) last released 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. Genesis Energy, L.P. had a return on equity of 5.32% and a net margin of 6.73%. The business had revenue of $406.72 million for the quarter, compared to analysts’ expectations of $503.22 million. On average, equities research analysts expect that Genesis Energy, L.P. will post $1.05 EPS for the current fiscal year.

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

Institutional investors have recently made changes to their positions in the stock. Ffcm LLC increased its holdings in Genesis Energy, L.P. by 205.4% in the second quarter. Ffcm LLC now owns 3,573 shares of the pipeline company’s stock valued at $116,000 after buying an additional 2,403 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Genesis Energy, L.P. by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 3,897 shares of the pipeline company’s stock valued at $124,000 after buying an additional 271 shares during the last quarter. Pathstone Family Office LLC bought a new stake in Genesis Energy, L.P. in the second quarter valued at about $133,000. Bank of Montreal Can increased its holdings in Genesis Energy, L.P. by 13.0% in the second quarter. Bank of Montreal Can now owns 4,959 shares of the pipeline company’s stock valued at $158,000 after buying an additional 570 shares during the last quarter. Finally, Penserra Capital Management LLC increased its holdings in Genesis Energy, L.P. by 188.8% in the second quarter. Penserra Capital Management LLC now owns 5,291 shares of the pipeline company’s stock valued at $166,000 after buying an additional 3,459 shares during the last quarter. 74.50% of the stock is owned by hedge funds and other institutional investors.

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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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