ING Groep NV Boosts Position in Genesis Energy, L.P. (NYSE:GEL)

ING Groep NV grew its holdings in Genesis Energy, L.P. (NYSE:GEL) by 15.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 762,700 shares of the pipeline company’s stock after acquiring an additional 100,000 shares during the period. ING Groep NV owned about 0.62% of Genesis Energy worth $10,197,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Paragon Associates & Paragon Associates II Joint Venture purchased a new stake in Genesis Energy in the first quarter valued at $111,000. Wealth Enhancement Advisory Services LLC purchased a new position in Genesis Energy during the third quarter valued at approximately $139,000. Van ECK Associates Corp raised its position in Genesis Energy by 17.4% during the second quarter. Van ECK Associates Corp now owns 20,777 shares of the pipeline company’s stock valued at $297,000 after acquiring an additional 3,073 shares in the last quarter. Axiom Advisory LLC lifted its holdings in Genesis Energy by 2.8% in the third quarter. Axiom Advisory LLC now owns 29,382 shares of the pipeline company’s stock valued at $400,000 after acquiring an additional 794 shares during the period. Finally, XTX Topco Ltd boosted its position in Genesis Energy by 40.9% in the 2nd quarter. XTX Topco Ltd now owns 30,925 shares of the pipeline company’s stock worth $443,000 after purchasing an additional 8,984 shares in the last quarter. Institutional investors and hedge funds own 66.82% of the company’s stock.

Wall Street Analysts Forecast Growth

GEL has been the subject of several analyst reports. Capital One Financial upgraded shares of Genesis Energy from an “equal weight” rating to an “overweight” rating in a research note on Friday, November 1st. Royal Bank of Canada raised their target price on Genesis Energy from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, StockNews.com downgraded Genesis Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 5th.

Genesis Energy Price Performance

NYSE:GEL opened at $11.52 on Friday. The stock has a 50 day moving average of $12.75 and a two-hundred day moving average of $13.20. Genesis Energy, L.P. has a 12 month low of $10.01 and a 12 month high of $15.17. 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 (NYSE:GEL) last posted its quarterly earnings data on Thursday, October 31st. The pipeline company reported ($0.32) 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 in the prior year, the company posted $0.29 earnings per share.

Genesis Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.165 dividend. This is an increase from Genesis Energy’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 5.73%. The ex-dividend date was Thursday, October 31st. Genesis Energy’s dividend payout ratio (DPR) is currently -89.19%.

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.