Zacks: Brokerages Expect Genesis Energy, L.P. (GEL) Will Announce Quarterly Sales of $531.19 Million

Equities analysts forecast that Genesis Energy, L.P. (NYSE:GEL) will announce sales of $531.19 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Genesis Energy, L.P.’s earnings, with estimates ranging from $453.90 million to $608.47 million. Genesis Energy, L.P. posted sales of $460.05 million in the same quarter last year, which would indicate a positive year over year growth rate of 15.5%. The company is expected to report its next earnings results on Thursday, November 2nd.

On average, analysts expect that Genesis Energy, L.P. will report full year sales of $531.19 million for the current financial year, with estimates ranging from $1.62 billion to $2.13 billion. For the next year, analysts expect that the firm will post sales of $2.77 billion per share, with estimates ranging from $1.71 billion to $3.63 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Genesis Energy, L.P..

Genesis Energy, L.P. (NYSE:GEL) last issued its earnings results on Wednesday, August 2nd. The pipeline company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. The business had revenue of $406.72 million during the quarter, compared to analyst estimates of $503.22 million. Genesis Energy, L.P. had a return on equity of 5.32% and a net margin of 6.73%.

GEL has been the subject of several research reports. UBS AG dropped their price target on Genesis Energy, L.P. from $41.00 to $39.00 and set a “buy” rating for the company in a report on Tuesday, October 17th. Zacks Investment Research cut Genesis Energy, L.P. from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 1st. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $34.00 price objective on shares of Genesis Energy, L.P. in a report on Wednesday, September 27th. BidaskClub raised Genesis Energy, L.P. from a “sell” rating to a “hold” rating in a report on Monday, July 3rd. Finally, Barclays PLC cut Genesis Energy, L.P. from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $33.00 to $31.00 in a report on Tuesday, July 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $34.92.

Shares of Genesis Energy, L.P. (NYSE:GEL) traded up 2.21% on Wednesday, hitting $24.00. The company had a trading volume of 569,456 shares. The firm has a 50-day moving average price of $25.70 and a 200 day moving average price of $28.96. Genesis Energy, L.P. has a 12-month low of $22.71 and a 12-month high of $37.88. The company has a market capitalization of $2.94 billion, a P/E ratio of 24.77 and a beta of 1.20.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, October 31st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $2.00 dividend on an annualized basis and a yield of 8.33%. Genesis Energy, L.P.’s dividend payout ratio is currently 294.90%.

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In other news, Director Kenneth M. Jastrow II acquired 27,196 shares of Genesis Energy, L.P. stock in a transaction that occurred on Wednesday, September 6th. The shares were acquired at an average price of $26.74 per share, for a total transaction of $727,221.04. Following the transaction, the director now directly owns 9,397 shares of the company’s stock, valued at approximately $251,275.78. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth M. Jastrow II acquired 7,804 shares of Genesis Energy, L.P. stock in a transaction that occurred on Thursday, September 7th. The shares were purchased at an average price of $27.25 per share, for a total transaction of $212,659.00. Following the transaction, the director now directly owns 35,000 shares in the company, valued at $953,750. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cutter & CO Brokerage Inc. grew its position in shares of Genesis Energy, L.P. by 1.5% in the 2nd quarter. Cutter & CO Brokerage Inc. now owns 9,643 shares of the pipeline company’s stock valued at $306,000 after buying an additional 146 shares during the last quarter. Hodges Capital Management Inc. grew its position in shares of Genesis Energy, L.P. by 1.9% in the 2nd quarter. Hodges Capital Management Inc. now owns 10,500 shares of the pipeline company’s stock valued at $333,000 after buying an additional 200 shares during the last quarter. M&T Bank Corp grew its position in shares of Genesis Energy, L.P. by 0.7% in the 2nd quarter. M&T Bank Corp now owns 33,435 shares of the pipeline company’s stock valued at $1,060,000 after buying an additional 245 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Genesis Energy, L.P. by 7.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,897 shares of the pipeline company’s stock valued at $124,000 after buying an additional 271 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in shares of Genesis Energy, L.P. by 2.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 15,433 shares of the pipeline company’s stock valued at $490,000 after buying an additional 351 shares during the last quarter. Hedge funds and other institutional investors own 74.86% of the company’s stock.

Genesis Energy, L.P. Company Profile

Genesis Energy L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through four segments: Offshore Pipeline Transportation, Refinery Services, Marine Transportation, and Supply and Logistics. The Offshore Pipeline Transportation segment is engaged in the offshore transportation of crude oil and natural gas in the Gulf of Mexico.

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