Genesis Energy, L.P. (NYSE:GEL) Declares Quarterly Dividend of $0.55
Genesis Energy, L.P. (NYSE:GEL) announced a quarterly dividend on Tuesday, July 9th, Zacks reports. Investors of record on Wednesday, July 31st will be paid a dividend of 0.55 per share by the pipeline company on Wednesday, August 14th. This represents a $2.20 annualized dividend and a dividend yield of 9.36%. The ex-dividend date is Tuesday, July 30th.
Genesis Energy has decreased its dividend payment by an average of 5.3% per year over the last three years. Genesis Energy has a dividend payout ratio of 666.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Genesis Energy to earn $1.06 per share next year, which means the company may not be able to cover its $2.20 annual dividend with an expected future payout ratio of 207.5%.
Shares of NYSE:GEL opened at $23.51 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.89 and a debt-to-equity ratio of 2.11. The stock has a market cap of $2.88 billion, a P/E ratio of -293.88 and a beta of 1.25. Genesis Energy has a 52 week low of $17.55 and a 52 week high of $25.52. The company has a 50 day moving average price of $22.33.
In related news, VP Ryan S. Sims acquired 4,000 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were purchased at an average price of $21.00 per share, for a total transaction of $84,000.00. Following the purchase, the vice president now owns 8,300 shares in the company, valued at $174,300. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth M. Jastrow II acquired 50,000 shares of the company’s stock in a transaction on Friday, May 10th. The stock was bought at an average price of $21.54 per share, for a total transaction of $1,077,000.00. Following the purchase, the director now owns 70,129 shares in the company, valued at approximately $1,510,578.66. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 69,700 shares of company stock worth $1,502,161. Company insiders own 0.72% of the company’s stock.
Several equities research analysts recently commented on GEL shares. Zacks Investment Research upgraded shares of Hallmark Financial Services from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Friday, July 19th. ValuEngine upgraded shares of YY from a “sell” rating to a “hold” rating in a research report on Friday, June 7th. Finally, Raymond James initiated coverage on shares of Planet Fitness in a research note on Wednesday, June 26th. They issued an “outperform” rating and a $80.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Genesis Energy presently has a consensus rating of “Hold” and a consensus price target of $27.40.
About Genesis Energy
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 deep water pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico.
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