UPDATE: Global Hunter Securities Starts Genesis Energy LP (GEL) at Buy
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Price: $52.44 -0.66%
Rating Summary:
6 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
6 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade GEL Now!
(Updated - September 7, 2012 9:04 AM EDT)
Global Hunter Securities initiates coverage on Genesis Energy LP (NYSE: GEL) with a Buy. PT $37.00.
Analyst, Bernand Colson, said, "GEL has a history of growing its distribution consistently at 10%+; we believe it can continue to do so driven by organic growth project spending and acquisitions. The company generates stable cash flow driven by its fee-based pipeline business and prudent contract structuring that minimizes commodity price exposure in its other segments. We view GEL's refinery services business as unique and attractive. It is a niche business that GEL dominates and has consistently delivered stable, growing cash flow. We believe GEL's yield will compress to 5.5% or lower, simultaneous with continued 9%-10% annual distribution growth, generating attractive investment returns. Lastly, we are not expecting an equity issuance for the remainder of 2012, as we believe GEL has enough balance sheet flexibility to be opportunistic in its capital-raising activities."
For an analyst ratings summary and ratings history on Genesis Energy LP click here. For more ratings news on Genesis Energy LP click here.
Shares of Genesis Energy LP closed at $32.26 yesterday, with a 52 week range of $21.82-$33.81.
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Global Hunter Securities initiates coverage on Genesis Energy LP (NYSE: GEL) with a Buy. PT $37.00.
Analyst, Bernand Colson, said, "GEL has a history of growing its distribution consistently at 10%+; we believe it can continue to do so driven by organic growth project spending and acquisitions. The company generates stable cash flow driven by its fee-based pipeline business and prudent contract structuring that minimizes commodity price exposure in its other segments. We view GEL's refinery services business as unique and attractive. It is a niche business that GEL dominates and has consistently delivered stable, growing cash flow. We believe GEL's yield will compress to 5.5% or lower, simultaneous with continued 9%-10% annual distribution growth, generating attractive investment returns. Lastly, we are not expecting an equity issuance for the remainder of 2012, as we believe GEL has enough balance sheet flexibility to be opportunistic in its capital-raising activities."
For an analyst ratings summary and ratings history on Genesis Energy LP click here. For more ratings news on Genesis Energy LP click here.
Shares of Genesis Energy LP closed at $32.26 yesterday, with a 52 week range of $21.82-$33.81.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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