Financial Advocates Investment Management Reduces Stake in Genesis Energy, L.P. $GEL

Financial Advocates Investment Management reduced its stake in shares of Genesis Energy, L.P. (NYSE:GEL) by 28.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,159 shares of the pipeline company’s stock after selling 8,887 shares during the quarter. Financial Advocates Investment Management’s holdings in Genesis Energy were worth $382,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Jones Financial Companies Lllp bought a new position in shares of Genesis Energy during the 1st quarter valued at approximately $108,000. Cetera Investment Advisers purchased a new position in Genesis Energy during the first quarter worth $193,000. Bank of Montreal Can bought a new position in Genesis Energy during the second quarter valued at $251,000. Pekin Hardy Strauss Inc. purchased a new stake in shares of Genesis Energy in the second quarter valued at $353,000. Finally, Claro Advisors LLC bought a new stake in shares of Genesis Energy in the 2nd quarter worth about $439,000. 66.82% of the stock is owned by institutional investors.

Genesis Energy Stock Performance

Genesis Energy stock opened at $15.36 on Friday. The company has a debt-to-equity ratio of 18.85, a quick ratio of 0.85 and a current ratio of 0.94. The company has a market capitalization of $1.88 billion, a PE ratio of -3.02 and a beta of 1.14. The company has a 50 day moving average price of $15.83 and a 200-day moving average price of $16.33. Genesis Energy, L.P. has a fifty-two week low of $9.86 and a fifty-two week high of $17.77.

Genesis Energy (NYSE:GEL) last announced its quarterly earnings data on Thursday, October 30th. The pipeline company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.18). The firm had revenue of $414.00 million during the quarter. Genesis Energy had a negative return on equity of 24.47% and a negative net margin of 24.19%.The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.32) earnings per share.

Genesis Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $0.66 dividend on an annualized basis and a dividend yield of 4.3%. Genesis Energy’s dividend payout ratio is presently -13.72%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of Genesis Energy from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genesis Energy in a research note on Wednesday, October 8th. Wall Street Zen upgraded Genesis Energy from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Finally, Royal Bank Of Canada boosted their price objective on Genesis Energy from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Genesis Energy Company Profile

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.