Genie Energy (NYSE:GNE) Downgraded by Freedom Capital to Hold

Freedom Capital cut shares of Genie Energy (NYSE:GNE) from a strong-buy rating to a hold rating in a research note published on Monday,Zacks.com reports.

A number of other analysts have also weighed in on GNE. Wall Street Zen lowered Genie Energy from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings raised shares of Genie Energy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 18th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold”.

Genie Energy Trading Down 1.0%

GNE opened at $14.41 on Monday. The stock has a market cap of $380.42 million, a price-to-earnings ratio of 29.41 and a beta of 0.20. The stock’s 50 day moving average price is $14.20 and its 200-day moving average price is $14.12. Genie Energy has a one year low of $12.69 and a one year high of $16.60. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.44 and a current ratio of 2.54.

Genie Energy (NYSE:GNE) last issued its quarterly earnings results on Thursday, August 6th. The oil and gas producer reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.18. Genie Energy had a return on equity of 13.00% and a net margin of 4.95%.The firm had revenue of $100.40 million for the quarter, compared to the consensus estimate of $104.57 million.

Genie Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Friday, August 14th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.1%. Genie Energy’s dividend payout ratio is presently 61.22%.

Hedge Funds Weigh In On Genie Energy

Several institutional investors have recently made changes to their positions in GNE. Cubist Systematic Strategies LLC purchased a new stake in Genie Energy in the first quarter worth about $85,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Genie Energy in the 1st quarter valued at about $320,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Genie Energy in the 1st quarter valued at about $239,000. Goldman Sachs Group Inc. raised its holdings in shares of Genie Energy by 15.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 146,364 shares of the oil and gas producer’s stock valued at $2,203,000 after purchasing an additional 19,671 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Genie Energy by 128.9% in the 1st quarter. Jane Street Group LLC now owns 45,372 shares of the oil and gas producer’s stock worth $683,000 after purchasing an additional 25,548 shares during the period. Hedge funds and other institutional investors own 49.15% of the company’s stock.

About Genie Energy

Genie Energy Ltd. (NYSE: GNE) is a diversified energy holding company that operates through two primary segments: upstream oil and natural gas exploration and retail energy supply. Its exploration arm, Genie Energy E&P, pursues development of oil shale resources and conventional hydrocarbon deposits, holding licenses for projects in regions such as Israel’s Shefela basin and Jordan’s oil shale formations. The division also explores select opportunities in North America, leveraging technical partnerships to advance resource evaluation and pilot production programs.

Genie Retail Energy provides electricity and natural gas to residential and small commercial customers under regulated and deregulated frameworks.