JPMorgan Chase & Co. Decreases Position in Genesis Energy, L.P. (NYSE:GEL)

JPMorgan Chase & Co. lowered its stake in shares of Genesis Energy, L.P. (NYSE:GEL) by 0.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,247,042 shares of the pipeline company’s stock after selling 36,742 shares during the quarter. JPMorgan Chase & Co. owned 3.47% of Genesis Energy worth $56,783,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Millburn Ridgefield Corp acquired a new position in Genesis Energy during the 3rd quarter worth $59,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Genesis Energy during the third quarter worth about $139,000. Stifel Financial Corp increased its stake in shares of Genesis Energy by 10.8% during the third 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 during the period. Van ECK Associates Corp raised its holdings in Genesis Energy by 17.4% in the second quarter. Van ECK Associates Corp now owns 20,777 shares of the pipeline company’s stock valued at $297,000 after acquiring an additional 3,073 shares in the last quarter. Finally, Axiom Advisory LLC lifted its stake in Genesis Energy by 2.8% in the third 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. 66.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GEL. Royal Bank of Canada raised their price objective on shares of Genesis Energy from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Capital One Financial raised Genesis Energy from an “equal weight” rating to an “overweight” rating in a report on Friday, November 1st.

Genesis Energy Price Performance

Shares of NYSE:GEL opened at $10.39 on Friday. 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, L.P. has a 12 month low of $9.86 and a 12 month high of $15.17. The firm has a market capitalization of $1.27 billion, a P/E ratio of -14.04 and a beta of 2.12. The company’s fifty day moving average price is $11.13 and its 200 day moving average price is $12.72.

Genesis Energy (NYSE:GEL) last posted its earnings results on Thursday, October 31st. The pipeline company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.22). The firm 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 firm earned $0.29 earnings per share.

Genesis Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a $0.165 dividend. The ex-dividend date was Thursday, October 31st. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a yield of 6.35%. Genesis Energy’s payout ratio is currently -89.19%.

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.