Genesis Energy LP (GEL)
NYSE:GEL
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Genesis Energy
(NYSE:GEL)
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Rating:58Neutral
Price Target:
$18.50
â–²(5.23% Upside)
Action:ReiteratedDate:03/10/26
The score is held back primarily by weak financial performance (large TTM net loss, contracting revenue, and high/rising leverage). Offsetting factors include constructive technical momentum, a supportive 2026 outlook from the earnings call (EBITDA growth drivers), and corporate actions that extend liquidity and refinance near-term maturities, with valuation and yield providing moderate support.
Positive Factors
Extended revolver and liquidity extension
Extending and expanding the revolver secures a longer-dated bank liquidity backstop, reducing near-term refinancing risk and supporting operational stability. This durable financing flexibility allows management to fund maintenance, opportunistic investments, and debt management despite cyclical cash flow swings.
Negative Factors
Elevated leverage and weakening equity base
Markedly higher leverage and a shrunken equity base constrain financial flexibility and raise refinancing and covenant risk. Persistent high debt amplifies interest expense sensitivity to market rates and limits capacity for growth spending or distributions if EBITDA dips or volatility returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Extended revolver and liquidity extension
Extending and expanding the revolver secures a longer-dated bank liquidity backstop, reducing near-term refinancing risk and supporting operational stability. This durable financing flexibility allows management to fund maintenance, opportunistic investments, and debt management despite cyclical cash flow swings.
Read all positive factors
Genesis Energy (GEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.18B
Dividend Yield4.14%
Average Volume (3M)275.62K
Price to Earnings (P/E)24.0
Beta (1Y)0.58
Revenue Growth-36.47%
EPS Growth-75.37%
CountryUS
Employees2,055
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.04
Shares Outstanding122,424,324
10 Day Avg. Volume272,119
30 Day Avg. Volume275,618
Financial Highlights & Ratios
PEG Ratio5.66
Price to Book (P/B)8.02
Price to Sales (P/S)1.17
P/FCF Ratio21.63
Enterprise Value/Market Cap2.38
Enterprise Value/Revenue3.18
Enterprise Value/Gross Profit15.05
Enterprise Value/Ebitda10.20
Forecast
1Y Price Target
$20.00Price Target Upside13.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.79
Revenue Forecast (FY)$1.58B
Genesis Energy Business Overview & Revenue Model
Company Description
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;...
How the Company Makes Money
Genesis Energy generates revenue through several key streams, including the transportation and storage of crude oil and refined products via its extensive pipeline network. The company earns fees for the transportation of hydrocarbons, which are t...
Genesis Energy Key Performance Indicators (KPIs)
Genesis Energy Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial highlights — notably robust offshore volume and margin growth, production ramps (Shenandoah and Salamanca), constructive lease activity in the Gulf, restored liquidity, a distribution increase (9.1% YoY), and guidance calling for ~15%–20% EBITDA growth in 2026. Headwinds are largely timing- and maintenance-related: planned customer turnarounds, a heavier Bluewater dry-docking schedule (estimated $5M–$10M margin impact and ~$15M–$20M higher maintenance CapEx), and guidance conservatism that embeds downtime assumptions. Overall, the positives (clear growth drivers, strong pipeline performance, balance sheet actions, and constructive long-term outlook) materially outweigh the manageable near-term operational constraints and conservatism in guidance.Positive Updates
Quarter Results Beat Expectations
Fourth quarter results came in slightly ahead of internal expectations with strong operating performance across core segments.
Negative Updates
Customer Turnarounds and Timing Risk
Customers have planned routine turnarounds in 2026 (some lasting 30–45 days), and management emphasized that timing of drilling/completions and weather can shift volumes; guidance assumes conservatism to account for timing risk.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarter Results Beat Expectations
Fourth quarter results came in slightly ahead of internal expectations with strong operating performance across core segments.
Read all positive updates
Company Guidance
Management’s informal 2026 guidance targets adjusted EBITDA growth of about +15%–+20% versus a normalized 2025 adjusted EBITDA base of $500–$510 million (implying roughly $575M–$612M in 2026), while conservatively assuming ~10 days of offshore downtime (treating Q3 as an 82‑day vs 92‑day quarter), a $5–$10 million near‑term marine segment margin headwind from four of nine Bluewater vessels entering dry dock in H1, and higher maintenance CapEx of roughly $15–$20 million versus 2025. The company exited 2025 with effectively $0 drawn on its $800 million revolver, raised the quarterly common distribution to $0.18/unit (a 9.1% YoY increase), repurchased $25 million of preferred units, and reported bank‑calculated leverage of 5.12 (target ~4.0). Operationally, Shenandoah is producing near 100,000 bpd (potential to rise to ~120 KBD plus 10–20 KBD with a fifth well), Salamanca is ramping toward 50–60 KBD, Monument (two‑well tieback) is expected late 2026/early 2027, and at least eight additional tieback wells are planned over the next 12–15 months.Genesis Energy Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.63B | 2.97B | 3.18B | 2.79B | 2.13B |
| Gross Profit | 344.53M | 315.53M | 395.20M | 637.82M | 136.88M |
| EBITDA | 490.26M | 557.31M | 661.64M | 571.22M | 407.11M |
| Net Income | -8.21M | -63.95M | 117.72M | 75.46M | -165.07M |
Balance Sheet | |||||
| Total Assets | 4.86B | 7.04B | 7.07B | 6.38B | 5.92B |
| Cash, Cash Equivalents and Short-Term Investments | 6.44M | 10.75M | 28.04M | 26.57M | 24.99M |
| Total Debt | 3.05B | 4.35B | 4.00B | 3.60B | 3.12B |
| Total Liabilities | 4.15B | 5.52B | 5.36B | 4.60B | 3.94B |
| Stockholders Equity | 238.18M | 1.10B | 1.34B | 1.47B | 1.43B |
Cash Flow | |||||
| Free Cash Flow | 88.33M | -195.21M | -98.89M | -89.80M | 36.56M |
| Operating Cash Flow | 275.22M | 391.93M | 521.13M | 334.39M | 337.95M |
| Investing Cash Flow | 878.36M | -552.16M | -593.65M | -374.52M | -274.12M |
| Financing Cash Flow | -1.18B | 161.74M | 73.99M | 41.70M | -65.86M |
Genesis Energy Technical Analysis
Neutral
17.58
Price Trends
17.68
Negative
16.73
Positive
16.42
Positive
Market Momentum
0.01
Positive
46.82
Neutral
59.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GEL, the sentiment is Neutral. The current price of 17.58 is below the 20-day moving average (MA) of 17.73, below the 50-day MA of 17.68, and above the 200-day MA of 16.42, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 46.82 is Neutral, neither overbought nor oversold. The STOCH value of 59.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GEL.
Genesis Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $3.86B | 7.23 | 11.30% | 3.19% | -35.37% | -57.86% | |
81 Outperform | $2.56B | 5.26 | 18.37% | 3.72% | -20.11% | -26.44% | |
75 Outperform | $3.65B | 7.74 | 16.02% | 6.12% | -23.59% | -57.70% | |
71 Outperform | $2.67B | 13.53 | 461.30% | 9.78% | -1.78% | 9.32% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
60 Neutral | $1.56B | 17.89 | 12.24% | 6.93% | 4.10% | -36.72% | |
58 Neutral | $2.18B | 24.04 | -162.28% | 4.14% | -36.47% | -75.37% |
* Energy Sector Average
GEL
Genesis Energy
17.58
4.45
33.91%
GLP
Global Partners
45.86
-0.32
-0.68%
STNG
Scorpio Tankers
76.45
43.90
134.89%
TNK
Teekay Tankers
75.08
39.16
109.00%
DKL
Delek Logistics
49.02
15.11
44.58%
INSW
International Seaways
75.21
46.25
159.72%
Genesis Energy Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Genesis Energy Expands Revolving Credit Facility to 2031
Positive
Mar 9, 2026
On March 4, 2026, Genesis Energy, L.P. entered into an Eighth Amended and Restated Credit Agreement providing a $900 million senior secured revolving credit facility, replaceable up to $1.3 billion through additional commitments or an incremental ...
Business Operations and StrategyPrivate Placements and Financing
Genesis Energy Announces New Senior Notes Offering
Positive
Mar 4, 2026
On February 18, 2026, Genesis Energy, L.P. and Genesis Energy Finance Corporation agreed to sell $750 million of 6.750% senior notes due 2034, guaranteed by certain subsidiaries, with the offering closing on March 4, 2026. Genesis plans to use the...
Business Operations and StrategyPrivate Placements and Financing
Genesis Energy Announces $750 Million Senior Notes Offering
Positive
Feb 24, 2026
On February 18, 2026, Genesis Energy, L.P. and its financing subsidiary entered into an underwriting agreement for a registered public offering of $750 million of 6.750% senior unsecured notes due 2034, guaranteed by certain subsidiaries. The comp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.