Oppenheimer Asset Management Inc. reduced its position in shares of Genesis Energy, L.P. (NYSE:GEL) by 15.4% in the second quarter, Holdings Channel reports. The firm owned 13,573 shares of the pipeline company’s stock after selling 2,474 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Genesis Energy were worth $297,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its stake in Genesis Energy by 3.3% during the 2nd quarter. Van ECK Associates Corp now owns 35,164 shares of the pipeline company’s stock valued at $770,000 after purchasing an additional 1,107 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Genesis Energy by 7.2% during the 2nd quarter. First Trust Advisors LP now owns 275,133 shares of the pipeline company’s stock valued at $6,025,000 after acquiring an additional 18,463 shares during the last quarter. California Public Employees Retirement System boosted its holdings in shares of Genesis Energy by 4.1% during the 1st quarter. California Public Employees Retirement System now owns 140,320 shares of the pipeline company’s stock valued at $3,269,000 after acquiring an additional 5,545 shares during the last quarter. Perella Weinberg Partners Capital Management LP boosted its holdings in shares of Genesis Energy by 54.4% during the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 180,408 shares of the pipeline company’s stock valued at $3,951,000 after acquiring an additional 63,571 shares during the last quarter. Finally, Bank of Montreal Can boosted its holdings in shares of Genesis Energy by 138.5% during the 2nd quarter. Bank of Montreal Can now owns 1,488,421 shares of the pipeline company’s stock valued at $32,596,000 after acquiring an additional 864,406 shares during the last quarter. Institutional investors and hedge funds own 86.40% of the company’s stock.
Shares of NYSE GEL traded up $1.20 during trading on Friday, reaching $22.30. 46,355 shares of the company traded hands, compared to its average volume of 356,615. The firm has a 50 day simple moving average of $21.19 and a 200-day simple moving average of $22.09. The company has a quick ratio of 1.00, a current ratio of 1.24 and a debt-to-equity ratio of 2.19. The stock has a market capitalization of $2.59 billion, a PE ratio of -278.88 and a beta of 1.26. Genesis Energy, L.P. has a 52-week low of $17.55 and a 52-week high of $25.40.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 9.87%. The ex-dividend date of this dividend was Tuesday, July 30th. Genesis Energy’s payout ratio is -2,750.00%.
A number of brokerages have recently issued reports on GEL. Zacks Investment Research downgraded shares of Genesis Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, August 9th. Royal Bank of Canada reaffirmed a “buy” rating and set a $27.00 price target on shares of Genesis Energy in a report on Thursday, August 8th. ValuEngine downgraded shares of Genesis Energy from a “buy” rating to a “hold” rating in a report on Friday, June 7th. Finally, Raymond James downgraded shares of Genesis Energy from an “outperform” rating to a “market perform” rating in a report on Wednesday, June 26th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Genesis Energy has a consensus rating of “Hold” and a consensus target price of $25.50.
In other Genesis Energy news, General Counsel Kristen O. Jesulaitis acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average price of $19.97 per share, with a total value of $99,850.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Ryan S. Sims acquired 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $19.94 per share, for a total transaction of $59,820.00. Following the acquisition, the vice president now owns 11,300 shares of the company’s stock, valued at approximately $225,322. The disclosure for this purchase can be found here. In the last three months, insiders purchased 13,000 shares of company stock worth $260,270. 0.72% of the stock is currently owned by insiders.
About Genesis Energy
Genesis Energy, L.P. operates in the midstream segment of the crude oil and natural gas industry. The company's Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations; and in the deep water pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico.
Further Reading: Return on Investment (ROI)
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