Raymond James Financial Inc. Acquires New Shares in Genesis Energy, L.P. (NYSE:GEL)

Raymond James Financial Inc. acquired a new position in Genesis Energy, L.P. (NYSE:GEL - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 93,246 shares of the pipeline company's stock, valued at approximately $943,000. Raymond James Financial Inc. owned 0.08% of Genesis Energy as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. raised its holdings in shares of Genesis Energy by 9.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,665,597 shares of the pipeline company's stock valued at $47,169,000 after acquiring an additional 418,555 shares in the last quarter. Tejara Capital Ltd purchased a new stake in shares of Genesis Energy in the 4th quarter worth about $3,205,000. Rangeley Capital LLC bought a new stake in shares of Genesis Energy during the 4th quarter valued at about $2,133,000. Summit Financial LLC bought a new stake in shares of Genesis Energy during the 4th quarter valued at about $2,128,000. Finally, CIBC Private Wealth Group LLC increased its position in shares of Genesis Energy by 5,667.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 190,342 shares of the pipeline company's stock valued at $1,972,000 after buying an additional 187,042 shares during the period. 66.82% of the stock is currently owned by institutional investors.

Genesis Energy Stock Up 5.8%

NYSE GEL traded up $0.81 during trading hours on Friday, reaching $14.76. 668,558 shares of the company's stock traded hands, compared to its average volume of 492,231. Genesis Energy, L.P. has a 52-week low of $9.86 and a 52-week high of $16.44. The firm has a market cap of $1.81 billion, a PE ratio of -11.90 and a beta of 1.08. The firm has a 50-day simple moving average of $14.09 and a 200 day simple moving average of $12.18. The company has a debt-to-equity ratio of 5.13, a current ratio of 1.03 and a quick ratio of 0.91.

Genesis Energy (NYSE:GEL - Get Free Report) last announced its earnings results on Thursday, May 8th. The pipeline company reported ($0.60) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.37). Genesis Energy had a negative net margin of 2.16% and a negative return on equity of 7.71%. The business had revenue of $398.31 million for the quarter. During the same period last year, the company earned ($0.09) earnings per share. The business's quarterly revenue was down 8.3% on a year-over-year basis.

Genesis Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date of this dividend is Wednesday, April 30th. Genesis Energy's payout ratio is -12.67%.

Analysts Set New Price Targets

Several research firms have weighed in on GEL. Wells Fargo & Company raised Genesis Energy from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $15.00 to $18.00 in a research report on Monday, March 17th. Royal Bank of Canada raised their target price on Genesis Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Monday, March 17th.

About Genesis Energy

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.