Citigroup Inc. Trims Stake in Genesis Energy, L.P. (NYSE:GEL)

Citigroup Inc. cut its stake in shares of Genesis Energy, L.P. (NYSE:GEL) by 31.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 495,099 shares of the pipeline company’s stock after selling 226,049 shares during the period. Citigroup Inc. owned about 0.40% of Genesis Energy worth $6,619,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Axiom Advisory LLC lifted its position in shares of Genesis Energy by 2.8% during the 3rd quarter. Axiom Advisory LLC now owns 29,382 shares of the pipeline company’s stock valued at $400,000 after buying an additional 794 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Genesis Energy by 2.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 34,322 shares of the pipeline company’s stock valued at $491,000 after purchasing an additional 887 shares in the last quarter. Custom Index Systems LLC boosted its position in shares of Genesis Energy by 0.9% in the second quarter. Custom Index Systems LLC now owns 117,571 shares of the pipeline company’s stock worth $1,682,000 after purchasing an additional 1,041 shares during the period. Exchange Traded Concepts LLC increased its stake in shares of Genesis Energy by 1.0% in the third quarter. Exchange Traded Concepts LLC now owns 132,904 shares of the pipeline company’s stock worth $1,777,000 after purchasing an additional 1,286 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Genesis Energy by 17.4% in the second quarter. Van ECK Associates Corp now owns 20,777 shares of the pipeline company’s stock worth $297,000 after purchasing an additional 3,073 shares in the last quarter. Institutional investors own 66.82% of the company’s stock.

Genesis Energy Stock Performance

GEL opened at $11.98 on Friday. 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 $1.47 billion, a price-to-earnings ratio of -16.19 and a beta of 2.12. The company has a fifty day moving average of $12.47 and a 200 day moving average of $13.13. Genesis Energy, L.P. has a fifty-two week low of $10.01 and a fifty-two week high of $15.17.

Genesis Energy (NYSE:GEL) last issued its quarterly earnings data on Thursday, October 31st. The pipeline company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.22). The firm had revenue of $714.30 million for the quarter. Genesis Energy had a negative net margin of 0.09% and a negative return on equity of 0.31%. During the same period last year, the firm posted $0.29 EPS.

Genesis Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a $0.165 dividend. This is an increase from Genesis Energy’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.66 dividend on an annualized basis and a yield of 5.51%. Genesis Energy’s payout ratio is presently -89.19%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GEL. StockNews.com downgraded shares of Genesis Energy from a “hold” rating to a “sell” rating in a report on Monday, August 5th. Capital One Financial upgraded Genesis Energy from an “equal weight” rating to an “overweight” rating in a research report on Friday, November 1st. Finally, Royal Bank of Canada boosted their price target on Genesis Energy from $15.00 to $16.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th.

Genesis Energy Company Profile

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.