Mirae Asset Global Investments Co. Ltd. grew its stake in Genesis Energy, L.P. (NYSE:GEL – Free Report) by 7.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,459,602 shares of the pipeline company’s stock after acquiring an additional 453,990 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 5.27% of Genesis Energy worth $61,689,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of GEL. Morgan Stanley grew its holdings in shares of Genesis Energy by 35.7% during the 4th quarter. Morgan Stanley now owns 3,346,220 shares of the pipeline company’s stock worth $34,165,000 after purchasing an additional 879,674 shares during the period. BNP Paribas Arbitrage SNC grew its holdings in shares of Genesis Energy by 737.5% during the 2nd quarter. BNP Paribas Arbitrage SNC now owns 544,455 shares of the pipeline company’s stock worth $5,200,000 after purchasing an additional 479,442 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Genesis Energy by 24.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,065,155 shares of the pipeline company’s stock valued at $16,563,000 after acquiring an additional 407,137 shares during the period. Bank of America Corp DE grew its position in Genesis Energy by 60.3% in the 1st quarter. Bank of America Corp DE now owns 892,373 shares of the pipeline company’s stock valued at $10,048,000 after acquiring an additional 335,617 shares in the last quarter. Finally, RR Advisors LLC increased its stake in Genesis Energy by 5.9% during the first quarter. RR Advisors LLC now owns 5,529,000 shares of the pipeline company’s stock worth $62,255,000 after purchasing an additional 306,000 shares during the period. 65.76% of the stock is owned by institutional investors and hedge funds.
Genesis Energy Stock Performance
Shares of GEL stock opened at $12.00 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.94 and a debt-to-equity ratio of 3.95. The firm has a fifty day moving average price of $10.90 and a 200 day moving average price of $10.18. The company has a market cap of $1.47 billion, a P/E ratio of 26.64 and a beta of 2.11. Genesis Energy, L.P. has a 12 month low of $8.05 and a 12 month high of $12.15.
Genesis Energy Dividend Announcement
Insider Buying and Selling
In related news, VP Garland G. Gaspard acquired 5,264 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was bought at an average price of $11.41 per share, for a total transaction of $60,062.24. Following the completion of the purchase, the vice president now directly owns 17,264 shares of the company’s stock, valued at approximately $196,982.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.72% of the company’s stock.
Analyst Ratings Changes
GEL has been the topic of a number of research reports. StockNews.com assumed coverage on shares of Genesis Energy in a report on Thursday, October 5th. They set a “hold” rating on the stock. Royal Bank of Canada upped their price objective on Genesis Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 7th.
Genesis Energy Company Profile
Genesis Energy, L.P. operates in the midstream segment of the crude oil and natural gas industry. The company's Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations; and in the deepwater pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico.
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