CIBC Private Wealth Group LLC Increases Stake in Genesis Energy, L.P. (NYSE:GEL)

CIBC Private Wealth Group LLC increased its stake in Genesis Energy, L.P. (NYSE:GEL) by 5,667.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 190,342 shares of the pipeline company’s stock after acquiring an additional 187,042 shares during the period. CIBC Private Wealth Group LLC’s holdings in Genesis Energy were worth $1,972,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in shares of Genesis Energy by 9.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,665,597 shares of the pipeline company’s stock valued at $47,169,000 after purchasing an additional 418,555 shares during the period. Tejara Capital Ltd bought a new position in Genesis Energy in the fourth quarter worth $3,205,000. Manning & Napier Advisors LLC lifted its position in Genesis Energy by 40.0% during the fourth quarter. Manning & Napier Advisors LLC now owns 350,000 shares of the pipeline company’s stock valued at $3,538,000 after buying an additional 100,000 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Genesis Energy during the 4th quarter valued at $943,000. Finally, ING Groep NV grew its position in shares of Genesis Energy by 12.1% in the 4th quarter. ING Groep NV now owns 855,000 shares of the pipeline company’s stock worth $8,644,000 after buying an additional 92,300 shares during the period. 66.82% of the stock is owned by institutional investors.

Genesis Energy Stock Performance

Shares of Genesis Energy stock opened at $15.94 on Thursday. Genesis Energy, L.P. has a 1 year low of $9.86 and a 1 year high of $16.44. The firm’s 50-day moving average is $12.76 and its 200 day moving average is $12.09. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -12.85 and a beta of 1.92. The company has a debt-to-equity ratio of 5.13, a current ratio of 1.03 and a quick ratio of 0.91.

Genesis Energy (NYSE:GEL) last issued its earnings results on Thursday, February 13th. The pipeline company reported ($0.58) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.53). The firm had revenue of $725.55 million during the quarter. Genesis Energy had a negative return on equity of 7.71% and a negative net margin of 2.16%.

Genesis Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date was Friday, January 31st. Genesis Energy’s payout ratio is -53.23%.

Analyst Ratings Changes

GEL has been the topic of several research reports. Royal Bank of Canada boosted their price objective on shares of Genesis Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Monday, March 17th. Wells Fargo & Company raised Genesis Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $15.00 to $18.00 in a research report on Monday, March 17th.

Genesis Energy Company Profile

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.