Genesis Energy (NYSE:GEL) Trading Down 7.5% After Earnings Miss

Genesis Energy, L.P. (NYSE:GEL)’s share price traded down 7.5% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $11.83 and last traded at $11.92. 184,638 shares changed hands during trading, a decline of 48% from the average session volume of 357,436 shares. The stock had previously closed at $12.89.

The pipeline company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.22). The business had revenue of $714.30 million for the quarter. Genesis Energy had a return on equity of 8.26% and a net margin of 2.34%. During the same period in the prior year, the company earned $0.29 earnings per share.

Genesis Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a $0.165 dividend. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 5.98%. The ex-dividend date of this dividend is Thursday, October 31st. Genesis Energy’s payout ratio is presently -461.50%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Royal Bank of Canada raised their price objective on Genesis Energy from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Capital One Financial raised shares of Genesis Energy from an “equal weight” rating to an “overweight” rating in a research note on Friday. Finally, StockNews.com lowered Genesis Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 5th.

Insider Transactions at Genesis Energy

In other Genesis Energy news, VP Garland G. Gaspard bought 2,261 shares of Genesis Energy stock in a transaction dated Tuesday, August 6th. The stock was bought at an average price of $13.27 per share, with a total value of $30,003.47. Following the completion of the transaction, the vice president now owns 19,525 shares in the company, valued at $259,096.75. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Genesis Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GEL. Maryland State Retirement & Pension System lifted its position in Genesis Energy by 2.8% during the first quarter. Maryland State Retirement & Pension System now owns 95,184 shares of the pipeline company’s stock worth $1,117,000 after purchasing an additional 2,625 shares during the period. GSA Capital Partners LLP raised its position in shares of Genesis Energy by 184.1% in the 1st quarter. GSA Capital Partners LLP now owns 120,932 shares of the pipeline company’s stock valued at $1,345,000 after buying an additional 78,369 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Genesis Energy by 4.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 33,435 shares of the pipeline company’s stock valued at $372,000 after buying an additional 1,550 shares in the last quarter. Paragon Associates & Paragon Associates II Joint Venture bought a new stake in shares of Genesis Energy during the 1st quarter worth approximately $111,000. Finally, Advisors Asset Management Inc. boosted its position in shares of Genesis Energy by 19.9% during the 1st quarter. Advisors Asset Management Inc. now owns 208,150 shares of the pipeline company’s stock worth $2,315,000 after acquiring an additional 34,614 shares in the last quarter. 66.82% of the stock is owned by institutional investors and hedge funds.

Genesis Energy Price Performance

The firm has a market capitalization of $1.35 billion, a P/E ratio of -84.84 and a beta of 2.10. The company has a quick ratio of 0.96, a current ratio of 1.09 and a debt-to-equity ratio of 4.74. The business’s 50 day moving average is $13.21 and its 200-day moving average is $13.25.

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.