CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $3.94 Million Stake in Genesis Energy, L.P. (NYSE:GEL)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its position in Genesis Energy, L.P. (NYSE:GEL) by 65.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 390,013 shares of the pipeline company’s stock after selling 749,924 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Genesis Energy were worth $3,943,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Millburn Ridgefield Corp acquired a new position in Genesis Energy in the third quarter worth $59,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Genesis Energy in the third quarter valued at about $139,000. Stifel Financial Corp lifted its position in Genesis Energy by 10.8% during the 3rd quarter. Stifel Financial Corp now owns 18,722 shares of the pipeline company’s stock worth $250,000 after buying an additional 1,819 shares in the last quarter. Axiom Advisory LLC grew its holdings in Genesis Energy by 2.8% during the 3rd quarter. Axiom Advisory LLC now owns 29,382 shares of the pipeline company’s stock worth $400,000 after acquiring an additional 794 shares during the last quarter. Finally, Captrust Financial Advisors increased its position in Genesis Energy by 2.9% in the 3rd quarter. Captrust Financial Advisors now owns 31,720 shares of the pipeline company’s stock valued at $424,000 after acquiring an additional 900 shares in the last quarter. 66.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on GEL shares. Royal Bank of Canada increased their price target on shares of Genesis Energy from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Capital One Financial upgraded Genesis Energy from an “equal weight” rating to an “overweight” rating in a research report on Friday, November 1st.

Genesis Energy Trading Up 1.3 %

Shares of NYSE GEL opened at $10.63 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.03 and a debt-to-equity ratio of 5.13. The firm’s 50-day moving average is $10.79 and its 200-day moving average is $12.36. Genesis Energy, L.P. has a 1 year low of $9.86 and a 1 year high of $15.17.

Genesis Energy (NYSE:GEL) last released its earnings results on Thursday, October 31st. The pipeline company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.22). The business had revenue of $714.30 million for the quarter. Genesis Energy had a negative return on equity of 0.31% and a negative net margin of 0.09%. During the same period in the previous year, the company earned $0.29 earnings per share.

Genesis Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 6.21%. The ex-dividend date of this dividend is Friday, January 31st. Genesis Energy’s payout ratio is -89.19%.

Genesis Energy 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.