Genesis Energy (NYSE:GEL) Given New $16.00 Price Target at Royal Bank of Canada

Genesis Energy (NYSE:GEL) had its target price lifted by Royal Bank of Canada from $15.00 to $16.00 in a research note published on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the pipeline company’s stock.

Separately, StockNews.com cut Genesis Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 5th.

Genesis Energy Trading Down 0.3 %

Shares of GEL stock opened at $13.19 on Wednesday. Genesis Energy has a 1-year low of $10.01 and a 1-year high of $15.17. The firm has a market cap of $1.62 billion, a PE ratio of 38.79 and a beta of 2.10. The company has a 50-day moving average of $13.31 and a two-hundred day moving average of $13.19. The company has a debt-to-equity ratio of 4.74, a current ratio of 1.09 and a quick ratio of 0.96.

Genesis Energy (NYSE:GEL) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.22). Genesis Energy had a return on equity of 8.26% and a net margin of 2.34%. The company had revenue of $756.26 million for the quarter. During the same period in the prior year, the firm earned $0.22 earnings per share.

Genesis Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a $0.165 dividend. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, October 31st. This represents a $0.66 annualized dividend and a dividend yield of 5.00%. Genesis Energy’s dividend payout ratio (DPR) is presently 194.12%.

Insider Activity at Genesis Energy

In other Genesis Energy news, VP Garland G. Gaspard bought 2,261 shares of Genesis Energy stock in a transaction on Tuesday, August 6th. The shares were bought at an average cost of $13.27 per share, for a total transaction of $30,003.47. Following the acquisition, the vice president now directly owns 19,525 shares in the company, valued at $259,096.75. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.72% of the company’s stock.

Institutional Trading of Genesis Energy

Hedge funds have recently modified their holdings of the stock. Creative Planning purchased a new stake in Genesis Energy during the 2nd quarter worth about $43,591,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Genesis Energy by 14.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,020,276 shares of the pipeline company’s stock worth $67,126,000 after buying an additional 760,739 shares during the period. Chickasaw Capital Management LLC increased its stake in shares of Genesis Energy by 6.5% during the second quarter. Chickasaw Capital Management LLC now owns 4,291,499 shares of the pipeline company’s stock worth $61,411,000 after buying an additional 262,784 shares during the period. Goldman Sachs Group Inc. raised its holdings in Genesis Energy by 9.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,136,712 shares of the pipeline company’s stock valued at $24,743,000 after acquiring an additional 189,610 shares in the last quarter. Finally, Sanders Morris Harris LLC purchased a new position in Genesis Energy in the first quarter worth approximately $1,372,000. 66.82% of the stock is currently owned by institutional investors and hedge funds.

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.