Advisors Asset Management Inc. Reduces Stock Holdings in Genesis Energy, L.P. (NYSE:GEL)

Advisors Asset Management Inc. cut its stake in shares of Genesis Energy, L.P. (NYSE:GEL) by 3.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 208,123 shares of the pipeline company’s stock after selling 7,520 shares during the quarter. Advisors Asset Management Inc.’s holdings in Genesis Energy were worth $2,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Genesis Energy in the third quarter worth about $139,000. Van ECK Associates Corp increased its holdings in Genesis Energy by 17.4% in the 2nd quarter. Van ECK Associates Corp now owns 20,777 shares of the pipeline company’s stock worth $297,000 after acquiring an additional 3,073 shares in the last quarter. Axiom Advisory LLC grew its position in shares of Genesis Energy by 2.8% in the third quarter. Axiom Advisory LLC now owns 29,382 shares of the pipeline company’s stock valued at $400,000 after purchasing an additional 794 shares during the period. XTX Topco Ltd boosted its holdings in Genesis Energy by 40.9% in the 2nd quarter. XTX Topco Ltd now owns 30,925 shares of the pipeline company’s stock worth $443,000 after buying an additional 8,984 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Genesis Energy by 2.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 34,322 shares of the pipeline company’s stock worth $491,000 after purchasing an additional 887 shares in the last quarter. Hedge funds and other institutional investors own 66.82% of the company’s stock.

Genesis Energy Price Performance

Shares of GEL opened at $11.78 on Friday. The firm has a fifty day moving average price of $12.61 and a 200 day moving average price of $13.17. Genesis Energy, L.P. has a 1-year low of $10.01 and a 1-year high of $15.17. The stock has a market cap of $1.44 billion, a PE ratio of -15.92 and a beta of 2.12. The company has a debt-to-equity ratio of 5.13, a current ratio of 1.03 and a quick ratio of 0.91.

Genesis Energy (NYSE:GEL) last posted its quarterly earnings results on Thursday, October 31st. The pipeline company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.22). The business had revenue of $714.30 million during 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 in the prior year, the company earned $0.29 earnings per share.

Genesis Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 5.60%. The ex-dividend date was Thursday, October 31st. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.15. Genesis Energy’s payout ratio is currently -89.19%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. StockNews.com lowered Genesis Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. 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 note on Wednesday, October 16th. Finally, Capital One Financial raised Genesis Energy from an “equal weight” rating to an “overweight” rating in a research note on Friday, November 1st.

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.