UBS Maintains a 'Buy' on Genesis Energy LP (GEL); Supply & Logistics Drives 3Q11 Results

UBS maintains a 'Buy' on Genesis Energy LP (NYSE: GEL) price target raised $1 to $28.

UBS analyst says, "Supply & Logistics’ $18.9 MM segment margin was up 68% YOY and contributed 57% of Genesis’s $13.6 MM increase in segment profit (although this was aided by ~$2.9 MM from the Florida Marine acquisition, closed Aug 2011). Pipeline transportation profit also increased 34%, driven by YOY volume increases, esp on GEL’s Texas Pipeline System. In addition, the return of Mad Dog in late Nov should aid CHOPS vols and GEL cash flow."

UBS bumps FY11-12 EPS estimate to $1.09 and $1.41 from $1.07 and $1.37, respectively.

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 $25.96 yesterday.

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