Genesis Energy, L.P. (NYSE:GEL) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in shares of Genesis Energy, L.P. (NYSE:GEL) by 0.9% during the third quarter, Holdings Channel reports. The institutional investor owned 4,247,042 shares of the pipeline company’s stock after selling 36,742 shares during the period. JPMorgan Chase & Co.’s holdings in Genesis Energy were worth $56,783,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GEL. Creative Planning purchased a new stake in shares of Genesis Energy during the 2nd quarter worth approximately $43,591,000. ING Groep NV raised its holdings in Genesis Energy by 15.1% during the third quarter. ING Groep NV now owns 762,700 shares of the pipeline company’s stock worth $10,197,000 after purchasing an additional 100,000 shares during the last quarter. Murchinson Ltd. purchased a new stake in Genesis Energy during the third quarter worth $1,005,000. Pekin Hardy Strauss Inc. acquired a new stake in Genesis Energy in the second quarter valued at $1,013,000. Finally, BBR Partners LLC purchased a new position in shares of Genesis Energy in the third quarter valued at $648,000. 66.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GEL has been the topic of several recent research reports. Capital One Financial upgraded shares of Genesis Energy from an “equal weight” rating to an “overweight” rating in a research report on Friday, November 1st. Royal Bank of Canada lifted their target price on shares of Genesis Energy from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th.

Genesis Energy Stock Performance

Genesis Energy stock opened at $10.39 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. Genesis Energy, L.P. has a fifty-two week low of $9.86 and a fifty-two week high of $15.17. The stock has a fifty day moving average of $11.13 and a two-hundred day moving average of $12.72. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -14.04 and a beta of 2.12.

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

Genesis Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.165 per share. 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 6.35%. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.15. Genesis Energy’s dividend payout ratio (DPR) is -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.