Genesis Energy, L.P. (NYSE:GEL – Get Free Report) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 3,480,000 shares, a decline of 5.7% from the October 15th total of 3,690,000 shares. Based on an average trading volume of 546,800 shares, the short-interest ratio is presently 6.4 days. Approximately 3.4% of the shares of the company are sold short.
Analyst Ratings Changes
GEL has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on shares of Genesis Energy in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Royal Bank of Canada upped their target price on shares of 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 Trading Up 4.4 %
Genesis Energy Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Tuesday, October 31st were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date was Monday, October 30th. Genesis Energy’s dividend payout ratio is currently 133.33%.
Insider Activity at Genesis Energy
In other Genesis Energy news, VP Garland G. Gaspard bought 5,264 shares of Genesis Energy stock in a transaction dated Monday, November 13th. The stock was acquired at an average cost of $11.41 per share, with a total value of $60,062.24. Following the completion of the acquisition, the vice president now owns 17,264 shares of the company’s stock, valued at $196,982.24. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.72% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Genesis Energy
A number of hedge funds have recently made changes to their positions in GEL. Alps Advisors Inc. raised its stake in shares of Genesis Energy by 12.9% in the 3rd quarter. Alps Advisors Inc. now owns 18,765,802 shares of the pipeline company’s stock valued at $193,663,000 after acquiring an additional 2,141,538 shares during the period. Westwood Holdings Group Inc. raised its stake in shares of Genesis Energy by 68.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 3,771,324 shares of the pipeline company’s stock valued at $36,016,000 after acquiring an additional 1,535,322 shares during the period. Invesco Ltd. raised its stake in shares of Genesis Energy by 5.6% in the 3rd quarter. Invesco Ltd. now owns 17,421,425 shares of the pipeline company’s stock valued at $179,789,000 after acquiring an additional 924,567 shares during the period. Morgan Stanley raised its stake in shares of Genesis Energy by 35.7% in the 4th quarter. Morgan Stanley now owns 3,346,220 shares of the pipeline company’s stock valued at $34,165,000 after acquiring an additional 879,674 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Genesis Energy by 547.0% in the 2nd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 653,500 shares of the pipeline company’s stock valued at $6,241,000 after acquiring an additional 552,500 shares during the period. Hedge funds and other institutional investors own 65.76% of the company’s stock.
About Genesis Energy
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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