Oppenheimer Asset Management Inc. Boosts Stake in Genesis Energy, L.P. (NYSE:GEL)

Oppenheimer Asset Management Inc. lifted its position in shares of Genesis Energy, L.P. (NYSE:GELFree Report) by 6.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 27,156 shares of the pipeline company’s stock after purchasing an additional 1,532 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Genesis Energy were worth $280,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Nordwand Advisors LLC acquired a new stake in Genesis Energy in the 3rd quarter valued at $186,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in Genesis Energy by 55.3% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,014,655 shares of the pipeline company’s stock valued at $10,471,000 after purchasing an additional 361,155 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Genesis Energy by 20.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 153,659 shares of the pipeline company’s stock valued at $1,586,000 after purchasing an additional 25,621 shares in the last quarter. Raymond James & Associates increased its holdings in Genesis Energy by 41.9% in the 3rd quarter. Raymond James & Associates now owns 38,874 shares of the pipeline company’s stock valued at $401,000 after purchasing an additional 11,487 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in Genesis Energy by 24.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 130,664 shares of the pipeline company’s stock valued at $1,348,000 after buying an additional 25,664 shares during the last quarter. 65.76% of the stock is currently owned by institutional investors and hedge funds.

Genesis Energy Stock Performance

NYSE:GEL opened at $11.26 on Friday. The company has a debt-to-equity ratio of 3.95, a current ratio of 1.07 and a quick ratio of 0.94. Genesis Energy, L.P. has a 1-year low of $8.05 and a 1-year high of $12.78. The firm has a 50-day moving average of $11.84 and a two-hundred day moving average of $11.00. The stock has a market cap of $1.38 billion, a P/E ratio of 25.02 and a beta of 2.08.

Genesis Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, January 30th. This represents a $0.60 annualized dividend and a dividend yield of 5.33%. Genesis Energy’s payout ratio is 133.33%.

Insider Transactions at Genesis Energy

In related news, VP Garland G. Gaspard purchased 5,264 shares of Genesis Energy stock in a transaction dated Monday, November 13th. The shares were acquired at an average price of $11.41 per share, with a total value of $60,062.24. Following the completion of the transaction, the vice president now owns 17,264 shares of the company’s stock, valued at approximately $196,982.24. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on GEL shares. StockNews.com cut shares of Genesis Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Royal Bank of Canada upped their price objective on shares of Genesis Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Tuesday, November 7th.

Check Out Our Latest Report on Genesis Energy

Genesis Energy Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Genesis Energy (NYSE:GEL)

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