Genesis Energy, L.P. $GEL Stock Sold by Chickasaw Capital Management LLC

Key Points

• Chickasaw Capital Management reduced its Genesis Energy stake by 15.1% in the third quarter, selling 190,892 shares and retaining 1.07 million shares worth approximately $14.8 million. Institutional investors collectively own 66.82% of GEL.
• Genesis Energy reported quarterly EPS of $0.26, beating the $0.02 consensus estimate, on revenue of $532 million. The company also raised its quarterly dividend to $0.20 per share, equating to a 5.6% yield.
• GEL shares opened at $14.31, below the analyst consensus price target of $18.00. Analysts maintain a “Moderate Buy” consensus, although RBC lowered its target from $20 to $18 while retaining an “outperform” rating.

Chickasaw Capital Management LLC trimmed its stake in shares of Genesis Energy, L.P. (NYSE:GEL - Free Report) by 15.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,073,332 shares of the pipeline company's stock after selling 190,892 shares during the quarter. Genesis Energy accounts for about 0.5% of Chickasaw Capital Management LLC's holdings, making the stock its 18th largest position. Chickasaw Capital Management LLC owned about 0.88% of Genesis Energy worth $14,769,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Alps Advisors Inc. grew its holdings in Genesis Energy by 3.7% during the 4th quarter. Alps Advisors Inc. now owns 24,909,448 shares of the pipeline company's stock valued at $388,587,000 after buying an additional 890,193 shares in the last quarter. Infrastructure Capital Advisors LLC boosted its position in shares of Genesis Energy by 2.4% in the first quarter. Infrastructure Capital Advisors LLC now owns 631,861 shares of the pipeline company's stock valued at $11,266,000 after acquiring an additional 14,508 shares during the period. Bank of America Corp DE boosted its position in shares of Genesis Energy by 18.4% in the first quarter. Bank of America Corp DE now owns 546,297 shares of the pipeline company's stock valued at $9,740,000 after acquiring an additional 85,060 shares during the period. Manning & Napier Advisors LLC grew its stake in Genesis Energy by 3.1% during the first quarter. Manning & Napier Advisors LLC now owns 484,963 shares of the pipeline company's stock valued at $8,647,000 after acquiring an additional 14,676 shares in the last quarter. Finally, Callodine Capital Management LP increased its holdings in Genesis Energy by 3.1% during the 1st quarter. Callodine Capital Management LP now owns 484,963 shares of the pipeline company's stock worth $8,647,000 after acquiring an additional 14,676 shares during the period. Institutional investors own 66.82% of the company's stock.

Genesis Energy Stock Performance

Shares of GEL opened at $14.31 on Thursday. Genesis Energy, L.P. has a 12-month low of $13.55 and a 12-month high of $18.64. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 24.31. The company has a market cap of $1.75 billion, a PE ratio of 75.33 and a beta of 0.83. The stock has a 50-day moving average price of $15.34 and a 200-day moving average price of $15.70.

Genesis Energy (NYSE:GEL - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $532.00 million for the quarter, compared to analysts' expectations of $532.00 million. During the same period in the prior year, the business earned ($0.12) earnings per share.

Genesis Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $0.20 per share. This is an increase from Genesis Energy's previous quarterly dividend of $0.18. The ex-dividend date was Friday, July 31st. This represents a $0.80 annualized dividend and a dividend yield of 5.6%. Genesis Energy's dividend payout ratio is 421.05%.

Analysts Set New Price Targets

Several research firms have issued reports on GEL. Royal Bank Of Canada lowered their target price on shares of Genesis Energy from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 21st. Weiss Ratings raised shares of Genesis Energy from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $18.00.

About Genesis Energy

Genesis Energy, L.P. is a Houston-based midstream energy company that provides transportation, handling, and logistics services for crude oil, natural gas, and related products. Its operations support energy producers, refiners, and industrial customers, with a significant presence in the Gulf of Mexico and along the U.S. Gulf Coast.

The company's offshore pipeline transportation business includes systems that gather and transport crude oil and natural gas from offshore production areas to onshore facilities.

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