Zacks Investment Research Upgrades Genie Energy (NYSE:GNE) to Buy

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Genie Energy (NYSE:GNE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The firm presently has a $13.00 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s price target indicates a potential upside of 17.22% from the company’s previous close.

According to Zacks, “Genie Energy Ltd., is engaged in supplying electricity and natural gas in New York, Pennsylvania, and New Jersey. The Company has oil shale projects in Colorado and Israel and also provides alternative fuels for transportation purposes. Genie Energy Ltd. is based in Newark, New Jersey. “

Several other equities analysts have also issued reports on the company. ValuEngine raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Noble Financial assumed coverage on Genie Energy in a research note on Wednesday, March 20th. They set a “hold” rating on the stock.

Shares of GNE opened at $11.09 on Thursday. The company has a quick ratio of 1.83, a current ratio of 2.02 and a debt-to-equity ratio of 0.03. Genie Energy has a 12-month low of $5.07 and a 12-month high of $11.98. The firm has a market capitalization of $308.01 million, a price-to-earnings ratio of 12.32 and a beta of 1.41. The firm’s fifty day moving average price is $10.25.

Genie Energy (NYSE:GNE) last issued its quarterly earnings results on Monday, May 6th. The oil and gas producer reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.16. Genie Energy had a return on equity of 37.04% and a net margin of 8.18%. The business had revenue of $86.62 million for the quarter, compared to analyst estimates of $72.40 million. As a group, equities analysts predict that Genie Energy will post 0.8 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Genie Energy by 31.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,358 shares of the oil and gas producer’s stock valued at $424,000 after purchasing an additional 16,800 shares during the last quarter. Willingdon Wealth Management bought a new stake in Genie Energy in the first quarter valued at about $26,000. Deutsche Bank AG increased its holdings in Genie Energy by 538.5% in the fourth quarter. Deutsche Bank AG now owns 14,059 shares of the oil and gas producer’s stock valued at $84,000 after purchasing an additional 11,857 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Genie Energy by 142.0% in the first quarter. Acadian Asset Management LLC now owns 58,916 shares of the oil and gas producer’s stock valued at $501,000 after purchasing an additional 34,569 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Genie Energy by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 971,123 shares of the oil and gas producer’s stock valued at $5,856,000 after purchasing an additional 14,897 shares during the last quarter. Institutional investors and hedge funds own 19.69% of the company’s stock.

About Genie Energy

Genie Energy Ltd., through its subsidiaries, operates as a retail energy provider; and an oil and gas exploration company. The company operates through three segments: Genie Retail Energy; Genie Energy Services; and Genie Oil and Gas, Inc It resells electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States, as well as in the United Kingdom, Japan, and Finland.

See Also: Earnings Per Share (EPS) Explained

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