Genesis Energy, L.P. (GEL) Shares Gap Down on Analyst Downgrade

Shares of Genesis Energy, L.P. (NYSE:GEL) gapped down prior to trading on Friday after Royal Bank Of Canada lowered their price target on the stock from $34.00 to $28.00. The stock had previously closed at ($25.15), but opened at $0.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Genesis Energy, L.P. shares last traded at $0.00, with a volume of 4029000 shares.

GEL has been the subject of several other reports. BidaskClub upgraded shares of Genesis Energy, L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Zacks Investment Research upgraded shares of Genesis Energy, L.P. from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday, July 12th. Barclays PLC upgraded shares of Genesis Energy, L.P. from an “underweight” rating to an “equal weight” rating and cut their target price for the company from $31.00 to $27.00 in a research note on Friday. Finally, Robert W. Baird reiterated a “neutral” rating and set a $35.00 target price (down from $37.00) on shares of Genesis Energy, L.P. in a research note on Thursday, July 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $35.08.

In related news, Director Kenneth M. Jastrow II purchased 27,196 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was acquired at an average price of $26.74 per share, with a total value of $727,221.04. Following the completion of the purchase, the director now directly owns 9,397 shares in the company, valued at $251,275.78. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth M. Jastrow II purchased 7,804 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was bought at an average cost of $27.25 per share, with a total value of $212,659.00. Following the purchase, the director now owns 35,000 shares of the company’s stock, valued at $953,750. The disclosure for this purchase can be found here. 0.72% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of GEL. Alps Advisors Inc. raised its stake in Genesis Energy, L.P. by 8.2% in the second quarter. Alps Advisors Inc. now owns 7,832,361 shares of the pipeline company’s stock valued at $248,521,000 after purchasing an additional 594,859 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its stake in Genesis Energy, L.P. by 4.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 10,312,699 shares of the pipeline company’s stock valued at $327,222,000 after purchasing an additional 431,059 shares in the last quarter. Cannell Peter B & Co. Inc. raised its stake in Genesis Energy, L.P. by 74.5% in the second quarter. Cannell Peter B & Co. Inc. now owns 775,690 shares of the pipeline company’s stock valued at $24,613,000 after purchasing an additional 331,225 shares in the last quarter. Chickasaw Capital Management LLC raised its stake in Genesis Energy, L.P. by 3.8% in the second quarter. Chickasaw Capital Management LLC now owns 8,250,616 shares of the pipeline company’s stock valued at $261,792,000 after purchasing an additional 301,090 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in Genesis Energy, L.P. by 2.7% in the first quarter. Clearbridge Investments LLC now owns 9,054,077 shares of the pipeline company’s stock valued at $293,533,000 after purchasing an additional 238,610 shares in the last quarter. 74.50% of the stock is owned by institutional investors and hedge funds.

Genesis Energy, L.P. (NYSE:GEL) last released its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Genesis Energy, L.P. had a return on equity of 5.32% and a net margin of 6.73%. The firm had revenue of $406.72 million for the quarter, compared to analysts’ expectations of $503.22 million.

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Genesis Energy, L.P. Company Profile

Genesis Energy L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through four segments: Offshore Pipeline Transportation, Refinery Services, Marine Transportation, and Supply and Logistics. The Offshore Pipeline Transportation segment is engaged in the offshore transportation of crude oil and natural gas in the Gulf of Mexico.

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