Pinnacle Holdings LLC cut its holdings in shares of Genesis Energy, L.P. (NYSE:GEL) by 1.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 102,875 shares of the pipeline company’s stock after selling 1,610 shares during the quarter. Pinnacle Holdings LLC owned about 0.08% of Genesis Energy worth $2,253,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in GEL. California Public Employees Retirement System grew 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 worth $3,269,000 after purchasing an additional 5,545 shares during the period. Stephens Inc. AR boosted its holdings in Genesis Energy by 10.8% during the 1st quarter. Stephens Inc. AR now owns 20,096 shares of the pipeline company’s stock valued at $468,000 after acquiring an additional 1,964 shares during the period. Cadence Capital Management LLC boosted its holdings in Genesis Energy by 3.4% during the 1st quarter. Cadence Capital Management LLC now owns 402,202 shares of the pipeline company’s stock valued at $9,371,000 after acquiring an additional 13,100 shares during the period. Penserra Capital Management LLC purchased a new position in Genesis Energy during the 1st quarter valued at about $210,000. Finally, GWM Advisors LLC boosted its holdings in Genesis Energy by 97.2% during the 1st quarter. GWM Advisors LLC now owns 23,070 shares of the pipeline company’s stock valued at $196,000 after acquiring an additional 11,370 shares during the period. Institutional investors and hedge funds own 86.40% of the company’s stock.
Genesis Energy stock traded up $1.18 during midday trading on Friday, reaching $22.28. 118,685 shares of the stock traded hands, compared to its average volume of 356,615. The company has a 50-day simple moving average of $21.19 and a two-hundred day simple moving average of $22.09. Genesis Energy, L.P. has a 12-month low of $17.55 and a 12-month high of $25.40. The firm has a market cap of $2.59 billion, a PE ratio of -277.88 and a beta of 1.26. The company has a current ratio of 1.24, a quick ratio of 1.00 and a debt-to-equity ratio of 2.19.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 9.87%. The ex-dividend date of this dividend was Tuesday, July 30th. Genesis Energy’s payout ratio is presently -2,750.00%.
A number of equities analysts recently commented on the company. Royal Bank of Canada restated a “buy” rating and set a $27.00 target price on shares of Genesis Energy in a report on Thursday, August 8th. Raymond James cut 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. Zacks Investment Research cut Genesis Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, August 9th. Finally, ValuEngine cut Genesis Energy from a “buy” rating to a “hold” rating in a report on Friday, June 7th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $25.50.
In related news, VP Ryan S. Sims acquired 3,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of $19.94 per share, for a total transaction of $59,820.00. Following the purchase, the vice president now owns 11,300 shares of the company’s stock, valued at approximately $225,322. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Kristen O. Jesulaitis acquired 5,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $19.97 per share, with a total value of $99,850.00. The disclosure for this purchase can be found here. Insiders bought a total of 13,000 shares of company stock valued at $260,270 in the last quarter. Company insiders own 0.72% of the company’s stock.
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.
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