Tortoise Capital Advisors L.L.C. Sells 779,043 Shares of Genesis Energy, L.P. $GEL

Key Points

• Tortoise Capital Advisors L.L.C. has significantly reduced its holdings in Genesis Energy, L.P. by 96.0%, now owning only 32,331 shares after selling 779,043 shares during the first quarter.
• Genesis Energy reported a loss of $0.12 per share for the latest quarter, missing analysts' estimates, and experienced a 12.3% year-over-year decline in revenue.
• Analysts have raised their price targets for Genesis Energy, with Wells Fargo increasing theirs to $19.00 and Royal Bank Of Canada to $20.00, reflecting positive sentiment towards the stock.

Tortoise Capital Advisors L.L.C. reduced its stake in shares of Genesis Energy, L.P. (NYSE:GEL - Free Report) by 96.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,331 shares of the pipeline company's stock after selling 779,043 shares during the quarter. Tortoise Capital Advisors L.L.C.'s holdings in Genesis Energy were worth $507,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Cetera Investment Advisers acquired a new position in Genesis Energy during the 1st quarter valued at about $193,000. Ameriprise Financial Inc. bought a new position in shares of Genesis Energy during the 4th quarter valued at $126,000. Arrow Investment Advisors LLC raised its position in shares of Genesis Energy by 21.1% in the first quarter. Arrow Investment Advisors LLC now owns 13,686 shares of the pipeline company's stock valued at $215,000 after purchasing an additional 2,381 shares during the period. Captrust Financial Advisors boosted its position in shares of Genesis Energy by 9.1% in the fourth quarter. Captrust Financial Advisors now owns 34,620 shares of the pipeline company's stock valued at $350,000 after acquiring an additional 2,900 shares during the period. Finally, Mariner LLC increased its stake in Genesis Energy by 7.0% during the fourth quarter. Mariner LLC now owns 35,488 shares of the pipeline company's stock valued at $359,000 after acquiring an additional 2,321 shares during the period. Institutional investors and hedge funds own 66.82% of the company's stock.

Analysts Set New Price Targets

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

Genesis Energy Stock Performance

Shares of Genesis Energy stock traded up $0.29 during trading on Wednesday, reaching $17.04. The company's stock had a trading volume of 187,394 shares, compared to its average volume of 568,778. Genesis Energy, L.P. has a 52 week low of $9.86 and a 52 week high of $17.77. The business's 50-day moving average price is $16.93 and its 200-day moving average price is $15.18. The firm has a market cap of $2.09 billion, a PE ratio of -3.35 and a beta of 1.09. The company has a quick ratio of 0.85, a current ratio of 0.94 and a debt-to-equity ratio of 18.85.

Genesis Energy (NYSE:GEL - Get Free Report) last issued its earnings results 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 during the quarter. Genesis Energy had a negative net margin of 24.19% and a negative return on equity of 24.47%. The company's quarterly revenue was down 12.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.25) EPS.

Genesis Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 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 3.9%. The ex-dividend date was Thursday, July 31st. Genesis Energy's dividend payout ratio (DPR) is currently -12.99%.

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.