Miller Howard Investments Inc. NY Buys 256,186 Shares of Genesis Energy, L.P. $GEL

Key Points

• Miller Howard Investments Inc. increased its stake in Genesis Energy, L.P. by 20.8%, acquiring an additional 256,186 shares, bringing its total ownership to approximately 1.22% of the company.
• Genesis Energy recently reported a quarterly loss with an earnings per share (EPS) of ($0.12), which missed analysts' expectations and marked a 12.3% decline in revenue year-over-year.
• Several analysts have upgraded their price targets for Genesis Energy, with Wells Fargo raising theirs to $19.00 and Royal Bank of Canada to $20.00, indicating a consensus rating of "Buy."

Miller Howard Investments Inc. NY lifted its holdings in shares of Genesis Energy, L.P. (NYSE:GEL - Free Report) by 20.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,488,590 shares of the pipeline company's stock after buying an additional 256,186 shares during the period. Miller Howard Investments Inc. NY owned approximately 1.22% of Genesis Energy worth $25,648,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Jones Financial Companies Lllp acquired a new stake in Genesis Energy in the first quarter valued at about $108,000. Ameriprise Financial Inc. acquired a new stake in Genesis Energy in the fourth quarter valued at about $126,000. Cetera Investment Advisers acquired a new stake in Genesis Energy in the first quarter valued at about $193,000. Arrow Investment Advisors LLC increased its holdings in 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 buying an additional 2,381 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in Genesis Energy by 34.7% in the first quarter. Oppenheimer Asset Management Inc. now owns 49,197 shares of the pipeline company's stock valued at $772,000 after buying an additional 12,677 shares in the last quarter. Institutional investors and hedge funds own 66.82% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on GEL. Wells Fargo & Company increased their target price on shares of 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 report 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 research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $19.50.

Genesis Energy Stock Performance

Genesis Energy stock traded up $0.07 during mid-day trading on Tuesday, reaching $16.36. The company had a trading volume of 115,965 shares, compared to its average volume of 560,211. Genesis Energy, L.P. has a 52 week low of $9.86 and a 52 week high of $17.77. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of -3.21 and a beta of 1.23. The company has a quick ratio of 0.85, a current ratio of 0.94 and a debt-to-equity ratio of 18.85. The company has a 50 day moving average of $16.76 and a 200-day moving average of $15.80.

Genesis Energy (NYSE:GEL - Get Free Report) last announced its 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 return on equity of 24.47% and a negative net margin of 24.19%.The firm's quarterly revenue was down 12.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.25) EPS.

Genesis Energy Announces Dividend

The company 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 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Thursday, July 31st. Genesis Energy's dividend payout ratio is presently -12.99%.

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.