Miller Howard Investments Inc. NY Sells 389,049 Shares of Genesis Energy, L.P. $GEL

Key Points

• Miller Howard Investments reduced its Genesis Energy stake by 27.3%, selling 389,049 shares in the third quarter and retaining 1.03 million shares worth approximately $14.2 million.
• Genesis Energy shares opened at $14.38, near the lower end of their 52-week range. The company recently reported quarterly EPS of $0.26, well above the $0.02 analyst consensus.
• The company announced a quarterly dividend of $0.20 per share, implying an annualized yield of 5.6%, while analysts maintain a “Moderate Buy” consensus with a $17.50 price target.

Miller Howard Investments Inc. NY cut its stake in Genesis Energy, L.P. (NYSE:GEL - Free Report) by 27.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,034,340 shares of the pipeline company's stock after selling 389,049 shares during the period. Miller Howard Investments Inc. NY owned approximately 0.85% of Genesis Energy worth $14,233,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Manning & Napier Advisors LLC acquired a new position in Genesis Energy during the second quarter worth approximately $6,872,000. NEOS Investment Management LLC grew its stake in shares of Genesis Energy by 67.0% during the 2nd quarter. NEOS Investment Management LLC now owns 600,617 shares of the pipeline company's stock valued at $8,511,000 after buying an additional 240,886 shares during the period. Pinnacle Holdings LLC purchased a new stake in shares of Genesis Energy during the 2nd quarter valued at $3,345,000. Bank of America Corp DE grew its stake in shares of Genesis Energy by 18.4% during the 1st quarter. Bank of America Corp DE now owns 546,297 shares of the pipeline company's stock valued at $9,740,000 after buying an additional 85,060 shares during the period. Finally, Corient Private Wealth LLC acquired a new stake in shares of Genesis Energy during the 4th quarter worth $858,000. 66.82% of the stock is currently owned by hedge funds and other institutional investors.

Genesis Energy Stock Up 2.2%

GEL opened at $14.38 on Tuesday. Genesis Energy, L.P. has a 1 year low of $13.55 and a 1 year high of $18.64. The firm has a 50 day moving average price of $15.02 and a 200 day moving average price of $16.00. The company has a debt-to-equity ratio of 24.31, a quick ratio of 0.90 and a current ratio of 0.93. The company has a market cap of $1.76 billion, a PE ratio of 75.71 and a beta of 0.83.

Genesis Energy (NYSE:GEL - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.24. Genesis Energy had a net margin of 4.29% and a return on equity of 55.96%. The firm had revenue of $532.00 million for the quarter, compared to analysts' expectations of $532.00 million. During the same period in the previous year, the company posted ($0.12) earnings per share.

Genesis Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Friday, October 30th. Genesis Energy's dividend payout ratio (DPR) is currently 421.05%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Weiss Ratings raised Genesis Energy from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. Royal Bank Of Canada lowered their price target on Genesis Energy from $18.00 to $17.00 and set an "outperform" rating for the company in a research report on Tuesday, October 13th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.50.

About Genesis Energy

Genesis Energy, L.P. is a Houston-based publicly traded master limited partnership that provides midstream energy infrastructure and related industrial services. The company owns and operates assets used to gather, transport, process and store crude oil and other energy products, primarily in the United States.

Genesis Energy's offshore pipeline transportation business serves producers in the Gulf of Mexico, moving crude oil and natural gas through an extensive network of pipelines and related infrastructure.

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