Genesis Energy (NYSE:GEL) Stock Price Down 7.5% on Disappointing Earnings

Shares of Genesis Energy, L.P. (NYSE:GEL) fell 7.5% on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $11.83 and last traded at $11.92. Approximately 184,638 shares changed hands during trading, a decline of 48% from the average session volume of 357,436 shares. The stock had previously closed at $12.89.

The pipeline company reported ($0.32) earnings per share (EPS) 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 net margin of 2.34% and a return on equity of 8.26%. During the same period in the previous year, the firm posted $0.29 earnings per share.

Genesis Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.165 per share. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.66 dividend on an annualized basis and a dividend yield of 5.98%. Genesis Energy’s dividend payout ratio is currently -461.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GEL shares. Royal Bank of Canada boosted their target price on Genesis Energy from $15.00 to $16.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Capital One Financial upgraded shares of Genesis Energy from an “equal weight” rating to an “overweight” rating in a research note on Friday. Finally, StockNews.com lowered shares of Genesis Energy from a “hold” rating to a “sell” rating in a research note on Monday, August 5th.

Insider Activity

In related news, VP Garland G. Gaspard bought 2,261 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average price of $13.27 per share, with a total value of $30,003.47. Following the completion of the transaction, the vice president now owns 19,525 shares of the company’s stock, valued at $259,096.75. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Genesis Energy

Several large investors have recently added to or reduced their stakes in the company. Axiom Advisory LLC lifted its holdings in shares of Genesis Energy by 2.8% during the 3rd quarter. Axiom Advisory LLC now owns 29,382 shares of the pipeline company’s stock worth $400,000 after acquiring an additional 794 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in Genesis Energy by 2.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 34,322 shares of the pipeline company’s stock worth $491,000 after purchasing an additional 887 shares during the period. Custom Index Systems LLC boosted its holdings in Genesis Energy by 0.9% during the second quarter. Custom Index Systems LLC now owns 117,571 shares of the pipeline company’s stock valued at $1,682,000 after purchasing an additional 1,041 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in Genesis Energy by 1.0% during the third quarter. Exchange Traded Concepts LLC now owns 132,904 shares of the pipeline company’s stock valued at $1,777,000 after purchasing an additional 1,286 shares in the last quarter. Finally, Maryland State Retirement & Pension System grew its stake in shares of Genesis Energy by 2.8% in the 1st quarter. Maryland State Retirement & Pension System now owns 95,184 shares of the pipeline company’s stock valued at $1,117,000 after purchasing an additional 2,625 shares during the period. Institutional investors and hedge funds own 66.82% of the company’s stock.

Genesis Energy Stock Performance

The company has a current ratio of 1.09, a quick ratio of 0.96 and a debt-to-equity ratio of 4.74. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -84.84 and a beta of 2.10. The stock has a fifty day moving average price of $13.21 and a 200-day moving average price of $13.25.

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.