RBC Capital Maintains Genesis Energy L.P. – Unit (GEL) Outperform Recommendation
Fintel reports that on August 4, 2023, RBC Capital maintained coverage of Genesis Energy L.P. – Unit (NYSE:GEL) with a Outperform recommendation.
Analyst Price Forecast Suggests 80.68% Upside
As of August 2, 2023, the average one-year price target for Genesis Energy L.P. – Unit is 14.96. The forecasts range from a low of 13.13 to a high of $16.80. The average price target represents an increase of 80.68% from its latest reported closing price of 8.28.
See our leaderboard of companies with the largest price target upside.
The projected annual non-GAAP EPS is 0.97.
Genesis Energy L.P. – Unit Declares $0.15 Dividend
On July 12, 2023 the company declared a regular quarterly dividend of $0.15 per share ($0.60 annualized). Shareholders of record as of July 31, 2023 will receive the payment on August 14, 2023. Previously, the company paid $0.15 per share.
At the current share price of $8.28 / share, the stock’s dividend yield is 7.25%.
Looking back five years and taking a sample every week, the average dividend yield has been 9.07%, the lowest has been 4.61%, and the highest has been 73.33%. The standard deviation of yields is 7.58 (n=236).
The current dividend yield is 0.24 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is 0.79. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
What is the Fund Sentiment?
There are 207 funds or institutions reporting positions in Genesis Energy L.P. – Unit. This is a decrease of 34 owner(s) or 14.11% in the last quarter. Average portfolio weight of all funds dedicated to GEL is 0.32%, a decrease of 3.49%. Total shares owned by institutions decreased in the last three months by 1.54% to 143,714K shares. The put/call ratio of GEL is 0.37, indicating a bullish outlook.
What are Other Shareholders Doing?
Alps Advisors holds 16,306K shares representing 13.30% ownership of the company. In it’s prior filing, the firm reported owning 16,265K shares, representing an increase of 0.25%. The firm increased its portfolio allocation in GEL by 8.62% over the last quarter.
AMLP – ALERIAN MLP ETF holds 15,963K shares representing 13.02% ownership of the company. In it’s prior filing, the firm reported owning 16,135K shares, representing a decrease of 1.08%. The firm decreased its portfolio allocation in GEL by 13.44% over the last quarter.
Invesco holds 15,396K shares representing 12.56% ownership of the company. In it’s prior filing, the firm reported owning 16,210K shares, representing a decrease of 5.28%. The firm decreased its portfolio allocation in GEL by 0.24% over the last quarter.
MLPRX – Invesco Oppenheimer SteelPath MLP Income Fund Class C holds 7,796K shares representing 6.36% ownership of the company. No change in the last quarter.
MLPEX – Invesco Oppenheimer SteelPath MLP Select 40 Fund Class C holds 7,654K shares representing 6.24% ownership of the company. In it’s prior filing, the firm reported owning 7,979K shares, representing a decrease of 4.25%. The firm decreased its portfolio allocation in GEL by 13.30% over the last quarter.
Genesis Energy Background Information
(This description is provided by the company.)
Genesis Energy, L.P. owns and operates crude oil gathering, marketing, and pipeline operations. The Company purchases and aggregates crude oil at the wellhead and at pipeline and terminal facilities for resale to refineries and other customers. Genesis Energy operates principally in Texas, Louisiana, New Mexico, Florida, Mississippi, Kansas, and Oklahoma.
Additional reading:
- Genesis Energy, L.P. press release, dated
- Mine Safety Disclosures.
- Nineteenth Supplemental Indenture, dated as of February 28, 2023, among Genesis Energy, L.P., Genesis Energy Finance Corporation, the subsidiary guarantors named therein and the Trustee.
- Letter from Ernst & Young LLP, dated June 8, 2023, regarding the change in certifying accountant.
- Genesis Energy, L.P. Reports First Quarter 2023 Results
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Summarize this content to 100 words
Fintel reports that on August 4, 2023, RBC Capital maintained coverage of Genesis Energy L.P. – Unit (NYSE:GEL) with a Outperform recommendation. Analyst Price Forecast Suggests 80.68% Upside As of August 2, 2023, the average one-year price target for Genesis Energy L.P. – Unit is 14.96. The forecasts range from a low of 13.13 to a high of $16.80. The average price target represents an increase of 80.68% from its latest reported closing price of 8.28.
See our leaderboard of companies with the largest price target upside. The projected annual non-GAAP EPS is 0.97. Genesis Energy L.P. – Unit Declares $0.15 Dividend On July 12, 2023 the company declared a regular quarterly dividend of $0.15 per share ($0.60 annualized). Shareholders of record as of July 31, 2023 will receive the payment on August 14, 2023. Previously, the company paid $0.15 per share. At the current share price of $8.28 / share, the stock’s dividend yield is 7.25%. Looking back five years and taking a sample every week, the average dividend yield has been 9.07%, the lowest has been 4.61%, and the highest has been 73.33%. The standard deviation of yields is 7.58 (n=236). The current dividend yield is 0.24 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is 0.79. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5. The company has not increased its dividend in the last three years. What is the Fund Sentiment? There are 207 funds or institutions reporting positions in Genesis Energy L.P. – Unit. This is a decrease of 34 owner(s) or 14.11% in the last quarter. Average portfolio weight of all funds dedicated to GEL is 0.32%, a decrease of 3.49%. Total shares owned by institutions decreased in the last three months by 1.54% to 143,714K shares. The put/call ratio of GEL is 0.37, indicating a bullish outlook. What are Other Shareholders Doing? Alps Advisors holds 16,306K shares representing 13.30% ownership of the company. In it’s prior filing, the firm reported owning 16,265K shares, representing an increase of 0.25%. The firm increased its portfolio allocation in GEL by 8.62% over the last quarter. AMLP – ALERIAN MLP ETF holds 15,963K shares representing 13.02% ownership of the company. In it’s prior filing, the firm reported owning 16,135K shares, representing a decrease of 1.08%. The firm decreased its portfolio allocation in GEL by 13.44% over the last quarter.
Invesco holds 15,396K shares representing 12.56% ownership of the company. In it’s prior filing, the firm reported owning 16,210K shares, representing a decrease of 5.28%. The firm decreased its portfolio allocation in GEL by 0.24% over the last quarter. MLPRX – Invesco Oppenheimer SteelPath MLP Income Fund Class C holds 7,796K shares representing 6.36% ownership of the company. No change in the last quarter. MLPEX – Invesco Oppenheimer SteelPath MLP Select 40 Fund Class C holds 7,654K shares representing 6.24% ownership of the company. In it’s prior filing, the firm reported owning 7,979K shares, representing a decrease of 4.25%. The firm decreased its portfolio allocation in GEL by 13.30% over the last quarter. Genesis Energy Background Information(This description is provided by the company.) Genesis Energy, L.P. owns and operates crude oil gathering, marketing, and pipeline operations. The Company purchases and aggregates crude oil at the wellhead and at pipeline and terminal facilities for resale to refineries and other customers. Genesis Energy operates principally in Texas, Louisiana, New Mexico, Florida, Mississippi, Kansas, and Oklahoma.
Additional reading: Genesis Energy, L.P. press release, dated Mine Safety Disclosures. Nineteenth Supplemental Indenture, dated as of February 28, 2023, among Genesis Energy, L.P., Genesis Energy Finance Corporation, the subsidiary guarantors named therein and the Trustee. Letter from Ernst & Young LLP, dated June 8, 2023, regarding the change in certifying accountant. Genesis Energy, L.P. Reports First Quarter 2023 Results This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
https://www.nasdaq.com/articles/rbc-capital-maintains-genesis-energy-l.p.-unit-gel-outperform-recommendation-1 RBC Capital Maintains Genesis Energy L.P. – Unit (GEL) Outperform Recommendation