CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires 552,500 Shares of Genesis Energy, L.P. (NYSE:GEL)
CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Genesis Energy, L.P. (NYSE:GEL – Free Report) by 547.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 653,500 shares of the pipeline company’s stock after acquiring an additional 552,500 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.53% of Genesis Energy worth $6,241,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of GEL. Mariner LLC boosted its position in shares of Genesis Energy by 22.8% in the first quarter. Mariner LLC now owns 42,385 shares of the pipeline company’s stock valued at $496,000 after acquiring an additional 7,868 shares during the period. UBS Group AG lifted its position in Genesis Energy by 19.6% in the first quarter. UBS Group AG now owns 1,431,719 shares of the pipeline company’s stock worth $16,766,000 after purchasing an additional 234,305 shares during the period. Vident Investment Advisory LLC lifted its position in Genesis Energy by 7.6% in the first quarter. Vident Investment Advisory LLC now owns 94,658 shares of the pipeline company’s stock worth $1,108,000 after purchasing an additional 6,657 shares during the period. Advisors Asset Management Inc. lifted its position in Genesis Energy by 4.3% in the first quarter. Advisors Asset Management Inc. now owns 190,748 shares of the pipeline company’s stock worth $2,234,000 after purchasing an additional 7,806 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its position in Genesis Energy by 8,647.8% in the second quarter. BNP Paribas Arbitrage SA now owns 82,054 shares of the pipeline company’s stock worth $658,000 after purchasing an additional 81,116 shares during the period. 65.76% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Genesis Energy news, VP Garland G. Gaspard bought 5,264 shares of the stock in a transaction dated Monday, November 13th. The stock was bought at an average cost of $11.41 per share, for a total transaction of $60,062.24. Following the completion of the purchase, the vice president now owns 17,264 shares in the company, valued at approximately $196,982.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.72% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on GEL shares. StockNews.com started coverage on Genesis Energy in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Royal Bank of Canada raised their target price on Genesis Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 7th.
Get Our Latest Stock Analysis on Genesis Energy
Genesis Energy Price Performance
Genesis Energy stock traded down $0.04 during mid-day trading on Friday, hitting $12.28. 484,655 shares of the company were exchanged, compared to its average volume of 468,214. The company has a quick ratio of 0.94, a current ratio of 1.07 and a debt-to-equity ratio of 3.95. The business has a fifty day moving average of $11.35 and a 200 day moving average of $10.38. Genesis Energy, L.P. has a 1-year low of $8.05 and a 1-year high of $12.78. The company has a market capitalization of $1.50 billion, a PE ratio of 27.29 and a beta of 2.09.
Genesis Energy (NYSE:GEL – Get Free Report) last released its quarterly earnings data on Thursday, November 2nd. The pipeline company reported $0.29 earnings per share (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 during the quarter.
Genesis Energy Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were paid a dividend of $0.15 per share. The ex-dividend date was Monday, October 30th. This represents a $0.60 annualized dividend and a yield of 4.89%. Genesis Energy’s dividend payout ratio is currently 133.33%.
Genesis Energy Company Profile (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.
See Also
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