(Idea) The Time Is Right To Buy Genesis Energy
By: Jon Costello
I’ve covered Genesis Energy (GEL), the midstream MLP, extensively in past articles. Today it is one of my favorite names for income. It offers a safe 5.1% yield and has some of the best distribution growth prospects in the midstream sector.
I'm buying GEL units today at $12.90 for our HFIR Energy Income portfolio.
This article relates to the timing of a GEL equity investment. In short, I believe that now is a good time to buy GEL units, potentially in size, depending on your financial situation.
GEL units are volatile, and I've waited a few months for a lower price. Unfortunately, a big selloff never materialized. Given the positive developments I expect in the near future, and with the units now at the low end of their recent trading range, I'm using today's energy market selloff to buy.