Genesis Energy, L.P. (NYSE:GEL) declared a quarterly dividend on Monday, April 15th, Wall Street Journal reports. Shareholders of record on Wednesday, May 1st will be paid a dividend of 0.55 per share by the pipeline company on Wednesday, May 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 9.47%. The ex-dividend date of this dividend is Tuesday, April 30th.
Genesis Energy has decreased its dividend by an average of 5.3% per year over the last three years. Genesis Energy has a 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 $0.96 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 229.2%.
Shares of GEL opened at $23.24 on Tuesday. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of -290.50 and a beta of 1.44. Genesis Energy has a fifty-two week low of $17.55 and a fifty-two week high of $25.52. The company has a current ratio of 1.33, a quick ratio of 1.11 and a debt-to-equity ratio of 2.04.
Genesis Energy (NYSE:GEL) last announced its quarterly earnings results on Wednesday, February 20th. The pipeline company reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.06. The company had revenue of $689.30 million for the quarter, compared to analyst estimates of $737.40 million. Genesis Energy had a negative net margin of 0.21% and a positive return on equity of 5.16%. Genesis Energy’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.01) EPS. Sell-side analysts forecast that Genesis Energy will post 0.76 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on GEL shares. Zacks Investment Research upgraded shares of Genesis Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 27th. ValuEngine lowered shares of Genesis Energy from a “buy” rating to a “hold” rating in a report on Tuesday, December 25th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $27.75.
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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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