Genesis Energy, L.P. (NYSE:GEL) declared a quarterly dividend on Monday, April 15th, Wall Street Journal reports. Stockholders 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 is Tuesday, April 30th.
Genesis Energy has decreased its dividend by an average of 5.3% annually 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. Equities 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 NYSE GEL traded up $0.03 during mid-day trading on Monday, reaching $23.24. 209,580 shares of the company’s stock traded hands, compared to its average volume of 436,764. The stock has a market capitalization of $2.79 billion, a P/E ratio of -290.50 and a beta of 1.45. Genesis Energy has a 1-year low of $17.55 and a 1-year high of $25.52. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.33 and a quick ratio of 1.11.
Several research analysts recently weighed in on the stock. Zacks Investment Research cut shares of Genesis Energy from a “hold” rating to a “strong sell” rating in a report on Friday, January 4th. ValuEngine cut 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 assigned a buy rating to the company. Genesis Energy has a consensus rating of “Hold” and a consensus price target of $27.75.
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Genesis Energy Company Profile
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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