Raymond James & Associates Sells 11,561 Shares of Genesis Energy, L.P. (NYSE:GEL)

Raymond James & Associates cut its stake in shares of Genesis Energy, L.P. (NYSE:GEL) by 29.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,387 shares of the pipeline company’s stock after selling 11,561 shares during the period. Raymond James & Associates’ holdings in Genesis Energy were worth $262,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Counterpoint Mutual Funds LLC raised its stake in shares of Genesis Energy by 10.6% during the 2nd quarter. Counterpoint Mutual Funds LLC now owns 10,843 shares of the pipeline company’s stock worth $104,000 after purchasing an additional 1,039 shares during the period. BNP Paribas Arbitrage SNC raised its stake in shares of Genesis Energy by 1.4% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 83,182 shares of the pipeline company’s stock worth $765,000 after purchasing an additional 1,128 shares during the period. Pettinga Financial Advisors LLC raised its stake in shares of Genesis Energy by 9.5% during the 2nd quarter. Pettinga Financial Advisors LLC now owns 23,070 shares of the pipeline company’s stock worth $220,000 after purchasing an additional 2,000 shares during the period. Arrow Investment Advisors LLC raised its stake in shares of Genesis Energy by 10.7% during the 1st quarter. Arrow Investment Advisors LLC now owns 20,812 shares of the pipeline company’s stock worth $234,000 after purchasing an additional 2,006 shares during the period. Finally, Captrust Financial Advisors raised its stake in shares of Genesis Energy by 90.8% during the 2nd quarter. Captrust Financial Advisors now owns 5,034 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 2,395 shares during the period. 65.76% of the stock is currently owned by institutional investors.

Genesis Energy Trading Up 1.1 %

Shares of GEL opened at $11.60 on Friday. The business has a 50-day moving average of $10.78 and a 200 day moving average of $10.15. Genesis Energy, L.P. has a fifty-two week low of $8.05 and a fifty-two week high of $12.15. The firm has a market cap of $1.42 billion, a P/E ratio of 25.78 and a beta of 2.11. The company has a debt-to-equity ratio of 3.95, a quick ratio of 0.94 and a current ratio of 1.07.

Genesis Energy Announces Dividend

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 issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 5.17%. The ex-dividend date of this dividend is Monday, October 30th. Genesis Energy’s dividend payout ratio (DPR) is currently 133.33%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. StockNews.com assumed coverage on Genesis Energy in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Royal Bank of Canada lifted their target price on Genesis Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 7th.

Insider Buying and Selling

In other news, VP Jeffrey J. Rasmussen acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was bought at an average price of $9.37 per share, with a total value of $46,850.00. Following the acquisition, the vice president now owns 23,500 shares in the company, valued at approximately $220,195. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is currently owned by insiders.

Genesis Energy Company Profile

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.