Short Interest in Genesis Energy, L.P. (NYSE:GEL) Declines By 11.9%
Genesis Energy, L.P. (NYSE:GEL – Get Free Report) was the recipient of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 2,510,000 shares, a drop of 11.9% from the November 15th total of 2,850,000 shares. Based on an average daily trading volume, of 582,800 shares, the short-interest ratio is presently 4.3 days. Currently, 2.4% of the shares of the company are short sold.
Insiders Place Their Bets
In related news, VP Garland G. Gaspard purchased 5,264 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were bought at an average price of $11.41 per share, for a total transaction of $60,062.24. Following the completion of the transaction, the vice president now owns 17,264 shares of the company’s stock, valued at $196,982.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.72% of the company’s stock.
Hedge Funds Weigh In On Genesis Energy
A number of hedge funds and other institutional investors have recently made changes to their positions in GEL. Counterpoint Mutual Funds LLC increased its holdings in Genesis Energy by 10.6% in the second quarter. Counterpoint Mutual Funds LLC now owns 10,843 shares of the pipeline company’s stock worth $104,000 after purchasing an additional 1,039 shares in the last quarter. BNP Paribas Arbitrage SNC increased its holdings in Genesis Energy by 1.4% in the third quarter. BNP Paribas Arbitrage SNC now owns 83,182 shares of the pipeline company’s stock worth $765,000 after purchasing an additional 1,128 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Genesis Energy by 6.0% in the third quarter. Oppenheimer Asset Management Inc. now owns 27,156 shares of the pipeline company’s stock worth $280,000 after purchasing an additional 1,532 shares in the last quarter. Pettinga Financial Advisors LLC increased its holdings in Genesis Energy by 9.5% in the second quarter. Pettinga Financial Advisors LLC now owns 23,070 shares of the pipeline company’s stock worth $220,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Stifel Financial Corp increased its holdings in shares of Genesis Energy by 18.6% during the second quarter. Stifel Financial Corp now owns 12,769 shares of the pipeline company’s stock valued at $122,000 after acquiring an additional 2,003 shares in the last quarter. 65.76% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
GEL has been the topic of several research analyst reports. StockNews.com initiated coverage on Genesis Energy in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Royal Bank of Canada raised their price objective on Genesis Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Tuesday, November 7th.
Read Our Latest Stock Analysis on GEL
Genesis Energy Trading Down 2.0 %
Shares of GEL stock traded down $0.24 during mid-day trading on Friday, reaching $11.61. 3,017,245 shares of the stock traded hands, compared to its average volume of 487,111. The stock’s fifty day simple moving average is $11.51 and its two-hundred day simple moving average is $10.43. Genesis Energy has a 1-year low of $8.05 and a 1-year high of $12.78. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 25.80 and a beta of 2.09. The company has a quick ratio of 0.94, a current ratio of 1.07 and a debt-to-equity ratio of 3.95.
Genesis Energy (NYSE:GEL – Get Free Report) last announced its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.29 EPS for the quarter. Genesis Energy had a return on equity of 16.81% and a net margin of 4.74%. The firm had revenue of $807.62 million for the quarter.
Genesis Energy Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.17%. The ex-dividend date of this dividend was Monday, October 30th. Genesis Energy’s dividend payout ratio is currently 133.33%.
About Genesis Energy (Get Free Report)
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 deepwater pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico.
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Original: MarketBeat News Feed: Short Interest in Genesis Energy, L.P. (NYSE:GEL) Declines By 11.9%