# Genesis Energy, L.P. (GEL)

> Source: Nexqual · https://nexqual.com/GEL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Genesis Energy, L.P. (GEL), nexqual.com/GEL" · informational, not investment advice.

**Price:** USD 13.9 (-0.93% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.03 · day 13.75–14.03 · 52w 13.55–18.64 · market cap $1.70B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.83B, net income $78.7M (4.3% margin), free cash flow $340M (SEC filings).
- Valuation: P/E 21.6x (avg 12.1x at the last 1 fiscal year-ends), EV/EBITDA 8.1x, net debt $3.16B.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $202K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.67 on a 1–5 scale) (3 analysts), mean target USD 18 (range 17–19).
- Total return with dividends: 1Y -8.4% vs S&P 500 +14.9%; 5Y +62.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.18, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.13B | $2.79B | $1.72B | $1.66B | $1.63B | $1.83B |
| Operating income | $75.7M | $315M | $205M | $170M | $258M | $351M |
| Net income | -$165M | $75.5M | $118M | -$63.9M | -$440M | $78.7M |
| EPS (diluted) | -$1.96 | -$0.04 | $0.22 | -$1.24 | -$4.19 | — |
| Free cash flow | $36.6M | -$89.8M | -$98.9M | -$195M | $65.9M | $340M |
| Operating margin | 3.6% | 11.3% | 11.9% | 10.2% | 15.8% | 19.1% |
| Net margin | -7.8% | 2.7% | 6.8% | -3.9% | -27.0% | 4.3% |
| Revenue growth | +16.5% | +31.2% | -38.3% | -3.5% | -1.8% | — |
| Cash + short-term investments | $20.0M | $7.9M | $9.2M | $7.4M | $6.4M | — |
| Total debt | $2.98B | $3.46B | $3.76B | $3.73B | $3.05B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.6x · P/S 0.9x · EV/EBITDA 8.1x · EV/Sales 2.6x · P/FCF 5.0x · FCF yield 19.99% · Earnings yield 4.63% · Net debt $3.16B · EV $4.86B
P/E at fiscal year-ends: Dec 2023 12.1x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $202K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-18 | Gaspard Garland G | Senior Vice President | 12,340 | $202K | 16.34 | Opportunistic (traded every year 2023–2025, no repeating month) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 3 analysts; mean target USD 18 (low 17, high 19).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | RBC Capital | Target lowered | Outperform | $18 → $17 |
| 2026-07-21 | RBC Capital | Target lowered | Outperform | $20 → $18 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -8.4% | +62.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -8.4% | +10.2% |
| Volatility (annualized) | 27.2% | 40.2% |
| Max drawdown | -24.2% (Mar 2026→Oct 2026) | -36.8% (Nov 2021→Jul 2022) |

## Peers (Oil & Gas Midstream)
GLP (Global Partners LP) USD 48.53 -0.80% · NAT (Nordic American Tankers Limited) USD 7.54 -0.53% · TEN (Tsakos Energy Navigation Ltd) USD 51.65 -1.39% · PBT (Permian Basin Royalty Trust) USD 33.27 -1.04% · FLNG (FLEX LNG Ltd.) USD 27.94 +0.04% · LPG (Dorian LPG Ltd.) USD 51.44 -1.83%

## More
Full page: https://nexqual.com/GEL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GEL's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1022321/000102232126000008/gel-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | HF Sinclair Corp (DINO) | "A majority of the NaHS we receive is sourced from refineries owned and operated by large companies, including Phillips 66, CITGO, HF Sinclair, Calumet and Ergon." |
| Supplier | Calumet | "A majority of the NaHS we receive is sourced from refineries owned and operated by large companies, including Phillips 66, CITGO, HF Sinclair, Calumet and Ergon." |
| Customer | ExxonMobil (XOM) | "Some of our largest customers include Exxon Mobil Corporation, MV Purchasing, BP, Shell, and Phillips 66." |
| Partner | TIDEWATER INC (TDW) | "Even though (i) the Tidewater case did not involve a publicly traded partnership and it was not decided under Section 7704 of the Internal Revenue Code relating to "qualifying income," (ii) some experienced practitioners…" |
| Partner | Delaware Revised Uniform | "Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act, we may not make a distribution to you if the distribution would cause our liabilities to exceed the fair value of our assets." |
| Partner | Poseidon Oil Pipeline Company | "We participate in several joint ventures, including, in our offshore pipeline transportation segment, a 64% interest in Poseidon Oil Pipeline Company, L.L.C. ("Poseidon"), a 29% interest in Odyssey Pipeline L.L.C. ("Odys…" |
| Partner | Odyssey Pipeline | "We participate in several joint ventures, including, in our offshore pipeline transportation segment, a 64% interest in Poseidon Oil Pipeline Company, L.L.C. ("Poseidon"), a 29% interest in Odyssey Pipeline L.L.C. ("Odys…" |
| Partner | Neptune Pipeline Company | "We participate in several joint ventures, including, in our offshore pipeline transportation segment, a 64% interest in Poseidon Oil Pipeline Company, L.L.C. ("Poseidon"), a 29% interest in Odyssey Pipeline L.L.C. ("Odys…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Onshore transportation and services | $293.5M | 55.2% | +70.1% |
| Onshore transportation and services | $290.9M | 54.7% | +68.8% |
| Offshore pipeline transportation | $160.1M | 30.1% | +27.7% |
| Marine transportation | $80.9M | 15.2% | +1.7% |
| Total revenue | $532.0M | 100% | — |
The lines above cover 155.2% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Onshore transportation and services | $290.9M | 54.7% | +68.8% |
| Fee-based revenues | $160.1M | 30.1% | +27.7% |
| Offshore pipeline transportation | $160.1M | 30.1% | +27.7% |
| Marine transportation | $80.9M | 15.2% | +1.7% |
| Total revenue | $532.0M | 100% | — |
The lines above cover 130.1% of total revenue.

## Customer concentration

Period ended 2024-12-31: 11% of revenue from unnamed direct customers (10-K, filed 2026-02-18).

## Company outlook (8-K filed 2026-08-06)

- "Grant Sims, CEO of Genesis Energy, said, "Our second quarter results for 2026 came in broadly in line with, if not slightly ahead of, our internal expectations."
- "Once this well intervention is completed, we understand such well should be returned to production and the rig will move approximately 17 miles back to Monument to drill a second well, which is expected to be completed and turned to production in the first quarter of 2027."
- "After the first two wells from Monument are producing, we would anticipate two additional wells to be drilled, completed and turned to production in the Shenandoah field during 2027."
- "In addition, it is anticipated that the first of two locations in the Shenandoah South field will be drilled and tied back to the Shenandoah FPU in 2028."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.18 | $0.03 | -700.0% | $0 | 1 |
| Next quarter (ends 2026-12-31) | $-0.04 | $0.06 | -166.7% | $0 | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.02 | $0.06 | -133.3% | $1.79B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.08 | $0.30 | -73.3% | $1.69B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-05): ±11.9%; last 8 reports averaged ±4.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 29.1% | ±11.9% |
| 2027-03-19 | 147 | 26.3% | ±15.6% |