Van ECK Associates Corp Decreases Stake in Genesis Energy, L.P. (NYSE:GEL)

Van ECK Associates Corp lowered its position in Genesis Energy, L.P. (NYSE:GEL) by 10.1% in the third quarter, Holdings Channel reports. The fund owned 18,684 shares of the pipeline company’s stock after selling 2,093 shares during the period. Van ECK Associates Corp’s holdings in Genesis Energy were worth $243,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in GEL. Paragon Associates & Paragon Associates II Joint Venture acquired a new stake in Genesis Energy during the first quarter worth approximately $111,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Genesis Energy during the third quarter worth approximately $139,000. Oppenheimer Asset Management Inc. raised its holdings in Genesis Energy by 4.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 33,435 shares of the pipeline company’s stock worth $372,000 after purchasing an additional 1,550 shares in the last quarter. Axiom Advisory LLC raised its holdings in Genesis Energy by 2.8% during the third quarter. Axiom Advisory LLC now owns 29,382 shares of the pipeline company’s stock worth $400,000 after purchasing an additional 794 shares in the last quarter. Finally, XTX Topco Ltd raised its holdings in Genesis Energy by 40.9% during the second quarter. XTX Topco Ltd now owns 30,925 shares of the pipeline company’s stock worth $443,000 after purchasing an additional 8,984 shares in the last quarter. Hedge funds and other institutional investors own 66.82% of the company’s stock.

Analysts Set New Price Targets

GEL has been the topic of a number of recent research reports. StockNews.com cut shares of Genesis Energy from a “hold” rating to a “sell” rating in a report on Monday, August 5th. Capital One Financial raised shares of Genesis Energy from an “equal weight” rating to an “overweight” rating in a report on Friday, November 1st. Finally, Royal Bank of Canada boosted their price objective 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 Performance

Shares of GEL opened at $11.17 on Thursday. The company has a debt-to-equity ratio of 5.13, a quick ratio of 0.91 and a current ratio of 1.03. The stock has a market capitalization of $1.37 billion, a P/E ratio of -15.09 and a beta of 2.12. The company’s fifty day moving average is $12.78 and its two-hundred day moving average is $13.21. Genesis Energy, L.P. has a 1 year low of $10.01 and a 1 year high of $15.17.

Genesis Energy (NYSE:GEL) last issued its earnings results on Thursday, October 31st. The pipeline company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.22). The company had revenue of $714.30 million for 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 firm earned $0.29 EPS.

Genesis Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.165 per share. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 5.91%. The ex-dividend date of this dividend is Thursday, October 31st. Genesis Energy’s payout ratio is presently -89.19%.

About Genesis Energy

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.