Murchinson Ltd. Buys New Shares in Genesis Energy, L.P. (NYSE:GEL)

Murchinson Ltd. purchased a new position in shares of Genesis Energy, L.P. (NYSE:GEL) during the 3rd quarter, HoldingsChannel reports. The firm purchased 75,160 shares of the pipeline company’s stock, valued at approximately $1,005,000. Genesis Energy accounts for 0.3% of Murchinson Ltd.’s portfolio, making the stock its 26th largest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in GEL. Creative Planning acquired a new position in Genesis Energy in the second quarter valued at $43,591,000. ING Groep NV grew its stake in Genesis Energy by 15.1% during the 3rd quarter. ING Groep NV now owns 762,700 shares of the pipeline company’s stock worth $10,197,000 after buying an additional 100,000 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in Genesis Energy in the second quarter valued at approximately $1,073,000. Pekin Hardy Strauss Inc. purchased a new position in shares of Genesis Energy during the second quarter worth approximately $1,013,000. Finally, BBR Partners LLC purchased a new stake in Genesis Energy in the 3rd quarter valued at $648,000. 66.82% of the stock is owned by institutional investors and hedge funds.

Genesis Energy Trading Down 1.3 %

Shares of GEL opened at $11.76 on Wednesday. Genesis Energy, L.P. has a fifty-two week low of $10.01 and a fifty-two week high of $15.17. The stock has a fifty day moving average of $12.43 and a two-hundred day moving average of $13.12. The company has a debt-to-equity ratio of 5.13, a quick ratio of 0.91 and a current ratio of 1.03. The company has a market capitalization of $1.44 billion, a PE ratio of -15.89 and a beta of 2.12.

Genesis Energy (NYSE:GEL) last posted its quarterly earnings data on Thursday, October 31st. The pipeline company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.22). The company had revenue of $714.30 million for the quarter. Genesis Energy had a negative net margin of 0.09% and a negative return on equity of 0.31%. During the same period in the prior year, the company posted $0.29 earnings per share.

Genesis Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 5.61%. This is a boost from Genesis Energy’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, October 31st. Genesis Energy’s dividend payout ratio is -89.19%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GEL. Capital One Financial raised Genesis Energy from an “equal weight” rating to an “overweight” rating in a report on Friday, November 1st. 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 research note on Wednesday, October 16th.

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.