Advisors Asset Management Inc. Acquires 27,673 Shares of Genesis Energy, L.P. $GEL

Key Points

• Advisors Asset Management Inc. increased its stake in Genesis Energy, L.P. by 12.5%, owning 0.20% of the company valued at $3.9 million after acquiring an additional 27,673 shares.
• Genesis Energy reported negative earnings per share of ($0.12), missing the consensus estimate, with revenues down by 12.3% year-over-year to $377.35 million.
• The company declared a dividend of $0.165 per share, yielding 4.0%, indicating a negative payout ratio of -12.99% due to ongoing financial challenges.

Advisors Asset Management Inc. raised its holdings in shares of Genesis Energy, L.P. (NYSE:GEL - Free Report) by 12.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 248,864 shares of the pipeline company's stock after purchasing an additional 27,673 shares during the quarter. Advisors Asset Management Inc. owned 0.20% of Genesis Energy worth $3,905,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in GEL. Alps Advisors Inc. grew its position in Genesis Energy by 16.6% in the first quarter. Alps Advisors Inc. now owns 24,020,175 shares of the pipeline company's stock worth $376,877,000 after acquiring an additional 3,422,967 shares in the last quarter. Miller Howard Investments Inc. NY purchased a new stake in Genesis Energy during the first quarter valued at approximately $19,336,000. Invesco Ltd. lifted its stake in shares of Genesis Energy by 2.2% in the 1st quarter. Invesco Ltd. now owns 18,799,575 shares of the pipeline company's stock valued at $294,965,000 after purchasing an additional 408,927 shares during the last quarter. Jefferies Financial Group Inc. boosted its holdings in shares of Genesis Energy by 19.9% in the 1st quarter. Jefferies Financial Group Inc. now owns 1,861,276 shares of the pipeline company's stock worth $29,203,000 after purchasing an additional 309,019 shares during the period. Finally, Cresset Asset Management LLC bought a new position in shares of Genesis Energy during the 4th quarter valued at approximately $1,449,000. 66.82% of the stock is owned by hedge funds and other institutional investors.

Genesis Energy Trading Down 0.6%

Shares of NYSE:GEL traded down $0.10 during trading on Thursday, reaching $16.49. 265,163 shares of the company were exchanged, compared to its average volume of 473,398. The company has a debt-to-equity ratio of 18.85, a current ratio of 0.94 and a quick ratio of 0.85. The firm has a market capitalization of $2.02 billion, a PE ratio of -3.25 and a beta of 1.22. The business's fifty day simple moving average is $16.89 and its 200-day simple moving average is $15.58. Genesis Energy, L.P. has a 12-month low of $9.86 and a 12-month high of $17.77.

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

Genesis Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were issued a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Thursday, July 31st. Genesis Energy's payout ratio is presently -12.99%.

Analyst Upgrades and Downgrades

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

Genesis Energy 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.