HighTower Advisors LLC Has $1.34 Million Stock Holdings in Genesis Energy, L.P. (NYSE:GEL)

HighTower Advisors LLC cut its position in shares of Genesis Energy, L.P. (NYSE:GEL) by 1.6% during the third quarter, Holdings Channel reports. The institutional investor owned 100,450 shares of the pipeline company’s stock after selling 1,645 shares during the quarter. HighTower Advisors LLC’s holdings in Genesis Energy were worth $1,341,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. BBR Partners LLC bought a new position in shares of Genesis Energy in the third quarter valued at approximately $648,000. Creative Planning bought a new position in shares of Genesis Energy in the second quarter valued at approximately $43,591,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Genesis Energy in the third quarter valued at approximately $139,000. ING Groep NV raised its stake in shares of Genesis Energy by 15.1% in the third quarter. ING Groep NV now owns 762,700 shares of the pipeline company’s stock valued at $10,197,000 after acquiring an additional 100,000 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Genesis Energy by 2.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 34,322 shares of the pipeline company’s stock valued at $491,000 after acquiring an additional 887 shares during the last quarter. 66.82% of the stock is owned by institutional investors and hedge funds.

Genesis Energy Stock Performance

Shares of Genesis Energy stock opened at $10.28 on Tuesday. Genesis Energy, L.P. has a 52 week low of $10.01 and a 52 week high of $15.17. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -13.89 and a beta of 2.12. The company has a debt-to-equity ratio of 5.13, a quick ratio of 0.91 and a current ratio of 1.03. The firm has a fifty day moving average of $11.99 and a two-hundred day moving average of $13.00.

Genesis Energy (NYSE:GEL) last announced its quarterly earnings results on Thursday, October 31st. The pipeline company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.22). Genesis Energy had a negative net margin of 0.09% and a negative return on equity of 0.31%. The firm had revenue of $714.30 million during the quarter. During the same period last year, the business earned $0.29 earnings per share.

Genesis Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.165 dividend. The ex-dividend date was Thursday, October 31st. This is a positive change from Genesis Energy’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a yield of 6.42%. Genesis Energy’s dividend payout ratio is presently -89.19%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on GEL shares. Royal Bank of Canada lifted their target price on shares of Genesis Energy from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Capital One Financial upgraded shares of Genesis Energy from an “equal weight” rating to an “overweight” rating in a research report on Friday, November 1st.

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.