Genie Energy (NYSE:GNE) Reaches New 52-Week High – Here’s Why

Genie Energy Ltd. (NYSE:GNE) hit a new 52-week high during mid-day trading on Monday. The company traded as high as $19.05 and last traded at $19.1660, with a volume of 204,112 shares trading hands. The stock had previously closed at $17.72.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Freedom Capital lowered shares of Genie Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Wall Street Zen lowered shares of Genie Energy from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Genie Energy in a research report on Monday, September 14th. Two analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Genie Energy Trading Up 8.2%

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.78 and a quick ratio of 2.62. The company has a market cap of $504.45 million, a P/E ratio of 23.66 and a beta of 0.30. The stock’s 50-day moving average is $16.25 and its two-hundred day moving average is $14.70.

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 net margin of 5.93% and a return on equity of 13.28%. The business had revenue of $100.40 million for the quarter, compared to analysts’ expectations of $104.57 million.

Genie Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Friday, November 13th will be given a $0.0750 dividend. The ex-dividend date is Friday, November 13th. This represents a $0.30 annualized dividend and a yield of 1.6%. Genie Energy’s dividend payout ratio (DPR) is currently 37.04%.

Institutional Investors Weigh In On Genie Energy

Several institutional investors have recently modified their holdings of GNE. Arrowstreet Capital Limited Partnership raised its stake in shares of Genie Energy by 5.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 212,250 shares of the oil and gas producer’s stock valued at $3,001,000 after acquiring an additional 10,044 shares during the period. Kahn Brothers Group Inc. purchased a new stake in shares of Genie Energy during the second quarter valued at $2,474,655. Quantinno Capital Management LP boosted its position in Genie Energy by 92.9% in the 1st quarter. Quantinno Capital Management LP now owns 153,773 shares of the oil and gas producer’s stock valued at $2,174,000 after buying an additional 74,046 shares during the period. Hillsdale Investment Management Inc. bought a new position in Genie Energy in the 1st quarter worth about $365,000. Finally, Russell Investments Group Ltd. grew its stake in Genie Energy by 6.1% in the third quarter. Russell Investments Group Ltd. now owns 24,016 shares of the oil and gas producer’s stock worth $384,000 after purchasing an additional 1,391 shares in the last quarter. 49.15% of the stock is owned by institutional investors.

Genie Energy Company Profile

Genie Energy Ltd. is an energy services company that provides electricity and natural gas to residential and small-business customers through retail energy businesses. Its offerings may include energy supply plans, renewable energy options and related services, with operations conducted through a portfolio of brands and subsidiaries.

The company’s retail energy activities have historically included serving customers in U.S. deregulated energy markets, where consumers can select an independent supplier rather than purchasing supply directly from a regulated utility.