CIBC Private Wealth Group LLC lessened its holdings in Genesis Energy, L.P. (NYSE:GEL) by 3.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 416,902 shares of the pipeline company’s stock after selling 14,770 shares during the period. CIBC Private Wealth Group LLC owned about 0.34% of Genesis Energy worth $7,700,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of GEL. Alps Advisors Inc. raised its holdings in shares of Genesis Energy by 12.6% in the fourth quarter. Alps Advisors Inc. now owns 10,869,013 shares of the pipeline company’s stock valued at $200,751,000 after acquiring an additional 1,216,789 shares in the last quarter. Pettinga Financial Advisors LLC bought a new stake in shares of Genesis Energy in the fourth quarter valued at about $381,000. MAI Capital Management raised its holdings in shares of Genesis Energy by 15.1% in the fourth quarter. MAI Capital Management now owns 215,924 shares of the pipeline company’s stock valued at $3,988,000 after acquiring an additional 28,350 shares in the last quarter. Perella Weinberg Partners Capital Management LP bought a new stake in shares of Genesis Energy in the fourth quarter valued at about $1,965,000. Finally, GWM Advisors LLC raised its holdings in shares of Genesis Energy by 18.9% in the fourth quarter. GWM Advisors LLC now owns 11,700 shares of the pipeline company’s stock valued at $216,000 after acquiring an additional 1,856 shares in the last quarter. Hedge funds and other institutional investors own 73.94% of the company’s stock.
Several analysts recently weighed in on GEL shares. ValuEngine upgraded Genesis Energy from a “hold” rating to a “buy” rating in a report on Thursday, November 15th. Royal Bank of Canada upgraded Genesis Energy from a “sector perform” rating to an “outperform” rating and set a $29.00 price objective for the company in a report on Friday, November 2nd. Zacks Investment Research downgraded Genesis Energy from a “hold” rating to a “strong sell” rating in a report on Friday, January 4th. Barclays decreased their price objective on Genesis Energy from $25.00 to $24.00 and set an “equal weight” rating for the company in a report on Friday, November 2nd. Finally, Robert W. Baird decreased their price objective on Genesis Energy from $26.00 to $25.00 and set a “hold” rating for the company in a report on Friday, November 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Genesis Energy presently has an average rating of “Hold” and a consensus target price of $27.75.
Shares of Genesis Energy stock opened at $20.97 on Thursday. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 19.78 and a beta of 1.40. The company has a quick ratio of 1.57, a current ratio of 1.77 and a debt-to-equity ratio of 2.06. Genesis Energy, L.P. has a one year low of $17.55 and a one year high of $25.52.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 14th. Shareholders of record on Thursday, January 31st will be issued a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, January 30th. This is an increase from Genesis Energy’s previous quarterly dividend of $0.54. This represents a $2.20 dividend on an annualized basis and a yield of 10.49%. Genesis Energy’s payout ratio is currently 207.55%.
In other news, VP Chad Anthony Landry bought 10,000 shares of Genesis Energy stock in a transaction on Tuesday, December 18th. The stock was acquired at an average cost of $19.75 per share, for a total transaction of $197,500.00. Following the completion of the acquisition, the vice president now owns 20,000 shares of the company’s stock, valued at approximately $395,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.72% of the company’s stock.
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Genesis Energy Profile
Genesis Energy, L.P. operates in the midstream segment of the crude oil and natural gas industry. The company's Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations; and in the deep-water pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico.
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