Granite Bay Wealth Management LLC Raises Position in Genie Energy Ltd. (NYSE:GNE)

Granite Bay Wealth Management LLC raised its stake in shares of Genie Energy Ltd. (NYSE:GNE) by 205.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,375 shares of the oil and gas producer’s stock after purchasing an additional 26,500 shares during the period. Granite Bay Wealth Management LLC owned 0.14% of Genie Energy worth $1,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its stake in shares of Genie Energy by 20.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 52,689 shares of the oil and gas producer’s stock valued at $1,482,000 after buying an additional 8,833 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Genie Energy during the fourth quarter valued at approximately $211,000. Vanguard Group Inc. grew its stake in shares of Genie Energy by 1.0% during the third quarter. Vanguard Group Inc. now owns 1,190,112 shares of the oil and gas producer’s stock valued at $17,530,000 after buying an additional 11,434 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Genie Energy by 32.6% during the third quarter. American Century Companies Inc. now owns 17,836 shares of the oil and gas producer’s stock valued at $263,000 after buying an additional 4,382 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Genie Energy by 28.1% during the third quarter. Deutsche Bank AG now owns 11,894 shares of the oil and gas producer’s stock valued at $175,000 after buying an additional 2,609 shares during the last quarter. 49.15% of the stock is currently owned by hedge funds and other institutional investors.

Genie Energy Stock Up 0.3 %

NYSE:GNE traded up $0.05 during midday trading on Friday, hitting $15.34. The stock had a trading volume of 97,708 shares, compared to its average volume of 197,304. Genie Energy Ltd. has a one year low of $12.95 and a one year high of $30.90. The company has a market capitalization of $419.70 million, a price-to-earnings ratio of 20.73 and a beta of 0.17. The stock has a 50-day moving average of $17.00 and a 200 day moving average of $20.68.

Genie Energy (NYSE:GNE) last announced its quarterly earnings data on Monday, March 11th. The oil and gas producer reported $0.37 earnings per share (EPS) for the quarter. Genie Energy had a return on equity of 25.39% and a net margin of 4.56%. The company had revenue of $104.90 million for the quarter.

Genie Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were paid a $0.075 dividend. The ex-dividend date was Friday, February 16th. This represents a $0.30 annualized dividend and a yield of 1.96%. Genie Energy’s dividend payout ratio (DPR) is currently 40.54%.

Analyst Ratings Changes

Separately, StockNews.com cut Genie Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th.

Genie Energy Company Profile

Genie Energy Ltd., through its subsidiaries, engages in the supply of electricity and natural gas to residential and small business customers in the United States and internationally. It operates in two segments, GRE and Genie Renewables. The company also develops, constructs, and operates solar energy projects for commercial and industrial customers, as well as its own portfolio; provides energy brokerage and advisory services; markets community solar energy solutions; and manufactures and distributes solar panel, as well as engages in solar installation design and project management activities.