Genesis Energy, L.P. (GEL) Announces Dividend Increase – $0.52 Per Share

Genesis Energy, L.P. (NYSE:GEL) announced a quarterly dividend on Wednesday, April 11th, Zacks reports. Shareholders of record on Tuesday, May 1st will be paid a dividend of 0.52 per share by the pipeline company on Tuesday, May 15th. This represents a $2.08 dividend on an annualized basis and a yield of 9.91%. The ex-dividend date is Monday, April 30th. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.51.

Genesis Energy has increased its dividend payment by an average of 6.0% annually over the last three years. Genesis Energy has a payout ratio of 210.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Genesis Energy to earn $1.26 per share next year, which means the company may not be able to cover its $2.04 annual dividend with an expected future payout ratio of 161.9%.

NYSE:GEL traded down $0.23 during mid-day trading on Thursday, reaching $20.98. The company’s stock had a trading volume of 8,117 shares, compared to its average volume of 711,287. The company has a current ratio of 1.39, a quick ratio of 1.20 and a debt-to-equity ratio of 1.83. Genesis Energy has a twelve month low of $18.42 and a twelve month high of $32.84. The firm has a market cap of $2,514.50, a price-to-earnings ratio of 19.18 and a beta of 1.11.

Genesis Energy (NYSE:GEL) last issued its quarterly earnings results on Thursday, February 15th. The pipeline company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Genesis Energy had a return on equity of 7.14% and a net margin of 4.07%. The business had revenue of $720.10 million during the quarter, compared to analyst estimates of $644.89 million. During the same period in the previous year, the business posted $0.19 earnings per share. The firm’s quarterly revenue was up 68.2% on a year-over-year basis. research analysts forecast that Genesis Energy will post 1.2 earnings per share for the current fiscal year.

In other news, insider Edward T. Flynn acquired 12,525 shares of Genesis Energy stock in a transaction dated Friday, March 2nd. The shares were acquired at an average cost of $19.96 per share, with a total value of $249,999.00. Following the purchase, the insider now directly owns 28,216 shares of the company’s stock, valued at approximately $563,191.36. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.72% of the company’s stock.

An institutional investor recently raised its position in Genesis Energy stock. The Manufacturers Life Insurance Company lifted its stake in shares of Genesis Energy, L.P. (NYSE:GEL) by 7.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,897 shares of the pipeline company’s stock after buying an additional 271 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Genesis Energy were worth $124,000 as of its most recent filing with the SEC. Institutional investors own 74.48% of the company’s stock.

Several equities analysts have recently weighed in on the company. Zacks Investment Research lowered Genesis Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, January 30th. Robert W. Baird set a $27.00 price objective on Genesis Energy and gave the company a “buy” rating in a research note on Friday, February 16th. Finally, UBS reaffirmed a “buy” rating and issued a $38.00 price objective (down from $39.00) on shares of Genesis Energy in a research note on Friday, March 2nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $30.71.

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Genesis Energy 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.

Dividend History for Genesis Energy (NYSE:GEL)

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