Summit Financial LLC Makes New Investment in Genesis Energy, L.P. (NYSE:GEL)

Summit Financial LLC bought a new position in Genesis Energy, L.P. (NYSE:GEL - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 210,497 shares of the pipeline company's stock, valued at approximately $2,128,000. Summit Financial LLC owned 0.17% of Genesis Energy at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. CIBC Private Wealth Group LLC lifted its holdings in Genesis Energy by 5,667.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 190,342 shares of the pipeline company's stock worth $1,972,000 after buying an additional 187,042 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Genesis Energy by 9.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,665,597 shares of the pipeline company's stock valued at $47,169,000 after purchasing an additional 418,555 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Genesis Energy during the fourth quarter valued at approximately $404,000. Advisors Asset Management Inc. grew its stake in Genesis Energy by 6.3% in the fourth quarter. Advisors Asset Management Inc. now owns 221,191 shares of the pipeline company's stock worth $2,236,000 after purchasing an additional 13,068 shares during the period. Finally, Tejara Capital Ltd bought a new position in Genesis Energy in the fourth quarter worth $3,205,000. Institutional investors own 66.82% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on GEL. Wells Fargo & Company upgraded shares of Genesis Energy from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $15.00 to $18.00 in a report on Monday, March 17th. Royal Bank of Canada boosted their price objective on shares of Genesis Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Monday, March 17th.

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Genesis Energy Stock Down 10.4 %

NYSE:GEL traded down $1.54 during trading hours on Friday, reaching $13.28. 559,217 shares of the company traded hands, compared to its average volume of 488,444. Genesis Energy, L.P. has a 1 year low of $9.86 and a 1 year high of $16.44. The stock has a market capitalization of $1.63 billion, a P/E ratio of -10.71 and a beta of 1.39. The business's 50-day moving average price is $12.90 and its two-hundred day moving average price is $12.10. The company has a current ratio of 1.03, a quick ratio of 0.91 and a debt-to-equity ratio of 5.13.

Genesis Energy (NYSE:GEL - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The pipeline company reported ($0.58) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.53). Genesis Energy had a negative return on equity of 7.71% and a negative net margin of 2.16%. The firm had revenue of $725.55 million during the quarter.

Genesis Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend was Friday, January 31st. Genesis Energy's payout ratio is -53.23%.

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.