Pinnacle Holdings LLC Has $2.38 Million Holdings in Genesis Energy, L.P. (NYSE:GEL)

Pinnacle Holdings LLC grew its holdings in Genesis Energy, L.P. (NYSE:GEL) by 2.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 234,890 shares of the pipeline company’s stock after purchasing an additional 5,481 shares during the quarter. Pinnacle Holdings LLC owned about 0.19% of Genesis Energy worth $2,375,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ING Groep NV increased its position in Genesis Energy by 12.1% in the 4th quarter. ING Groep NV now owns 855,000 shares of the pipeline company’s stock valued at $8,644,000 after acquiring an additional 92,300 shares in the last quarter. Manning & Napier Advisors LLC lifted its holdings in Genesis Energy by 40.0% during the 4th quarter. Manning & Napier Advisors LLC now owns 350,000 shares of the pipeline company’s stock worth $3,538,000 after buying an additional 100,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in Genesis Energy in the 4th quarter valued at $404,000. Concurrent Investment Advisors LLC acquired a new stake in shares of Genesis Energy in the 4th quarter valued at $920,000. Finally, JPMorgan Chase & Co. raised its position in shares of Genesis Energy by 9.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,665,597 shares of the pipeline company’s stock worth $47,169,000 after acquiring an additional 418,555 shares during the last quarter. 66.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Genesis Energy Stock Performance

Shares of GEL opened at $12.56 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 0.91 and a debt-to-equity ratio of 5.13. Genesis Energy, L.P. has a 12 month low of $9.86 and a 12 month high of $16.44. The firm has a fifty day simple moving average of $13.03 and a 200 day simple moving average of $12.09. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of -10.12 and a beta of 1.39.

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

Genesis Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date was Friday, January 31st. Genesis Energy’s payout ratio is currently -53.23%.

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.