Short Interest in Genesis Energy, L.P. (NYSE:GEL) Drops By 10.5%

Genesis Energy, L.P. (NYSE:GEL) was the recipient of a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 2,650,000 shares, a drop of 10.5% from the November 30th total of 2,960,000 shares. Currently, 2.8% of the shares of the company are sold short. Based on an average daily volume of 452,800 shares, the short-interest ratio is presently 5.9 days.

Analysts Set New Price Targets

A number of research firms have weighed in on GEL. Capital One Financial upgraded Genesis Energy from an “equal weight” rating to an “overweight” rating in a research note on Friday, November 1st. Royal Bank of Canada lifted their price target on Genesis Energy from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th.

Genesis Energy Stock Performance

GEL stock traded up $0.08 during midday trading on Wednesday, hitting $10.11. 306,849 shares of the stock traded hands, compared to its average volume of 391,683. The stock’s fifty day simple moving average is $11.23 and its 200-day simple moving average is $12.76. The firm has a market cap of $1.24 billion, a P/E ratio of -13.66 and a beta of 2.12. Genesis Energy has a 1-year low of $9.86 and a 1-year high of $15.17. 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) last announced its quarterly earnings results on Thursday, October 31st. 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 during 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 previous year, the company posted $0.29 EPS.

Genesis Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 6.53%. This is an increase from Genesis Energy’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, October 31st. Genesis Energy’s dividend payout ratio is presently -89.19%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millburn Ridgefield Corp purchased a new position in Genesis Energy in the 3rd quarter valued at about $59,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Genesis Energy during the third quarter valued at approximately $139,000. Stifel Financial Corp lifted its position in shares of Genesis Energy by 10.8% in the third quarter. Stifel Financial Corp now owns 18,722 shares of the pipeline company’s stock valued at $250,000 after acquiring an additional 1,819 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Genesis Energy by 17.4% in the second quarter. Van ECK Associates Corp now owns 20,777 shares of the pipeline company’s stock worth $297,000 after acquiring an additional 3,073 shares during the last quarter. Finally, Axiom Advisory LLC increased its position in shares of Genesis Energy by 2.8% during the third quarter. Axiom Advisory LLC now owns 29,382 shares of the pipeline company’s stock worth $400,000 after purchasing an additional 794 shares in the last quarter. Hedge funds and other institutional investors own 66.82% of the company’s stock.

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.