Bank of America Corp DE Boosts Stock Position in Genesis Energy, L.P. $GEL

Key Points

• Bank of America increased its Genesis Energy stake by 18.4% in the first quarter, bringing its holdings to 546,297 shares valued at approximately $9.74 million. Institutional investors collectively own 66.82% of GEL.
• Analysts maintain a generally positive outlook, with two Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $18.00, despite recent target reductions.
• Genesis Energy reported quarterly EPS of $0.26, well above the $0.02 consensus estimate, on revenue of $532 million. The company also raised its quarterly dividend to $0.20 per share, implying a 4.9% yield, though its payout ratio is high at 421.05%.

Bank of America Corp DE boosted its position in Genesis Energy, L.P. (NYSE:GEL - Free Report) by 18.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 546,297 shares of the pipeline company's stock after buying an additional 85,060 shares during the period. Bank of America Corp DE owned approximately 0.45% of Genesis Energy worth $9,740,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of GEL. Cetera Investment Advisers lifted its position in Genesis Energy by 6.7% during the first quarter. Cetera Investment Advisers now owns 21,838 shares of the pipeline company's stock valued at $389,000 after purchasing an additional 1,371 shares during the period. Fulcrum Asset Management LLP purchased a new position in shares of Genesis Energy during the 3rd quarter valued at about $26,000. Maryland State Retirement & Pension System raised its stake in shares of Genesis Energy by 1.6% during the 4th quarter. Maryland State Retirement & Pension System now owns 104,917 shares of the pipeline company's stock valued at $1,637,000 after buying an additional 1,647 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Genesis Energy in the 4th quarter valued at about $30,000. Finally, ARS Investment Partners LLC lifted its holdings in shares of Genesis Energy by 6.7% in the 4th quarter. ARS Investment Partners LLC now owns 32,000 shares of the pipeline company's stock valued at $499,000 after buying an additional 2,000 shares during the period. 66.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GEL has been the subject of several analyst reports. Royal Bank Of Canada decreased their target price on shares of Genesis Energy from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Tuesday, July 21st. Wells Fargo & Company cut their price objective on shares of Genesis Energy from $19.00 to $18.00 and set an "overweight" rating for the company in a report on Tuesday, May 12th. Finally, Weiss Ratings upgraded shares of Genesis Energy from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Genesis Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.00.

Genesis Energy Stock Performance

NYSE GEL opened at $16.18 on Monday. The company has a market cap of $1.98 billion, a PE ratio of 85.16 and a beta of 0.63. The stock's 50 day simple moving average is $14.89 and its 200-day simple moving average is $16.27. Genesis Energy, L.P. has a 1-year low of $13.75 and a 1-year high of $18.64. The company has a debt-to-equity ratio of 24.31, a current ratio of 0.93 and a quick ratio of 0.90.

Genesis Energy (NYSE:GEL - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.24. Genesis Energy had a net margin of 4.29% and a return on equity of 55.96%. The firm had revenue of $532.00 million for the quarter, compared to the consensus estimate of $532.00 million. During the same period last year, the firm posted ($0.12) earnings per share.

Genesis Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.9%. This is an increase from Genesis Energy's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, July 31st. Genesis Energy's dividend payout ratio is presently 421.05%.

Genesis Energy Company Profile

Genesis Energy LP NYSE: GEL is a publicly traded master limited partnership headquartered in Houston, Texas, that owns and operates a diversified portfolio of energy infrastructure assets in the United States. The company's primary focus is on the transportation, storage and delivery of refined petroleum products, serving major domestic markets across the Gulf Coast, Atlantic Seaboard and inland waterway systems.

Genesis Energy's operations are organized into several key business segments.

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