Chickasaw Capital Management LLC Reduces Stake in Genesis Energy, L.P. (NYSE:GEL)

Chickasaw Capital Management LLC, an investment management firm, recently announced a notable decrease in their stake in Genesis Energy, L.P. (NYSE:GEL).

The company disclosed in a regulatory filing with the SEC that their stake was reduced by 6.1%, amounting to a total of 2,931,945 shares. After the transaction, Chickasaw Capital Management LLC’s total holding was reduced to 45,234,846 shares.

The filing indicated that the transaction took place on August 7th, 2020, at an average price of $16.32 for a total transaction amounting to approximately $47.9 million.

The filing also revealed that Chickasaw Capital Management LLC is the largest shareholder of Genesis Energy, L.P. with a 20.2% ownership stake.

Genesis Energy, L.P. is a midstream master limited partnership that provides pipeline transportation, storage, gathering and processing of natural gas, crude oil, and refined products. It is headquartered in Houston, Texas and trades on the New York Stock Exchange under the symbol GEL.

The stock has fallen 7.5% in the past month, and is down 24.7% year-to-date.

Analysts have rated the stock a “hold” and its consensus rating is 2.56, indicating a moderate buy.

Chickasaw Capital Management LLC’s decision to reduce its stake in Genesis Energy, L.P. is concerning to many investors, as it may indicate a lack of confidence in the company’s future prospects. Investors should continue to monitor the stock for further developments.