CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires 257,863 Shares of Genesis Energy, L.P. $GEL

Key Points

• CUSHING ASSET MANAGEMENT LP increased its stake in Genesis Energy, L.P. by 60.3% in Q2, now owning 685,700 shares valued at approximately $11.82 million.
• Genesis Energy reported a loss of ($0.12) EPS for the last quarter, missing expectations, with quarterly revenue down 12.3% year-over-year.
• Three analysts have assigned a Buy rating to Genesis Energy, with a consensus price target of $19.50, as brokerages like Royal Bank Of Canada and Wells Fargo raised their price targets for the stock.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Genesis Energy, L.P. (NYSE:GEL - Free Report) by 60.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 685,700 shares of the pipeline company's stock after purchasing an additional 257,863 shares during the quarter. Genesis Energy accounts for about 0.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 28th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.56% of Genesis Energy worth $11,815,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in GEL. Miller Howard Investments Inc. NY raised its stake in shares of Genesis Energy by 20.8% during the second quarter. Miller Howard Investments Inc. NY now owns 1,488,590 shares of the pipeline company's stock worth $25,648,000 after buying an additional 256,186 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Genesis Energy by 13.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,074,810 shares of the pipeline company's stock worth $63,934,000 after acquiring an additional 478,530 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of Genesis Energy in the first quarter worth approximately $108,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Genesis Energy by 28.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,603,020 shares of the pipeline company's stock worth $87,911,000 after buying an additional 1,257,712 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in Genesis Energy by 12.5% in the 1st quarter. Advisors Asset Management Inc. now owns 248,864 shares of the pipeline company's stock worth $3,905,000 after purchasing an additional 27,673 shares in the last quarter. Institutional investors own 66.82% of the company's stock.

Genesis Energy Price Performance

NYSE:GEL traded down $0.26 during midday trading on Monday, hitting $16.28. 315,197 shares of the stock were exchanged, compared to its average volume of 451,678. The business has a 50-day moving average price of $16.76 and a two-hundred day moving average price of $15.80. The company has a current ratio of 0.94, a quick ratio of 0.85 and a debt-to-equity ratio of 18.85. Genesis Energy, L.P. has a one year low of $9.86 and a one year high of $17.77. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -3.20 and a beta of 1.23.

Genesis Energy (NYSE:GEL - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The pipeline company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.08). The firm had revenue of $377.35 million for the quarter. Genesis Energy had a negative net margin of 24.19% and a negative return on equity of 24.47%. Genesis Energy's revenue for the quarter was down 12.3% on a year-over-year basis. During the same period last year, the business earned ($0.25) EPS.

Genesis Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Thursday, July 31st. Genesis Energy's payout ratio is presently -12.99%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Wall Street Zen raised Genesis Energy from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Royal Bank Of Canada raised their target price on Genesis Energy from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Wells Fargo & Company boosted their price target on Genesis Energy from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $19.50.

Genesis Energy Company Profile

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.