Genie Energy (NYSE:GNE) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Genie Energy (NYSE:GNE) from a hold rating to a buy rating in a research note published on Thursday.

Genie Energy Price Performance

Genie Energy stock opened at $14.62 on Thursday. The stock has a market cap of $396.64 million, a price-to-earnings ratio of 29.24 and a beta of 0.20. Genie Energy has a 1 year low of $12.95 and a 1 year high of $30.90. The firm has a 50-day moving average of $15.13 and a two-hundred day moving average of $18.23.

Genie Energy (NYSE:GNE) last announced its quarterly earnings results on Wednesday, May 8th. The oil and gas producer reported $0.33 earnings per share for the quarter. The firm had revenue of $119.69 million during the quarter. Genie Energy had a net margin of 2.99% and a return on equity of 24.06%.

Genie Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Monday, May 20th were paid a dividend of $0.075 per share. The ex-dividend date was Friday, May 17th. This represents a $0.30 dividend on an annualized basis and a yield of 2.05%. Genie Energy’s payout ratio is 60.00%.

Institutional Trading of Genie Energy

Several large investors have recently made changes to their positions in GNE. Algert Global LLC boosted its holdings in Genie Energy by 13.7% during the third quarter. Algert Global LLC now owns 17,330 shares of the oil and gas producer’s stock worth $255,000 after buying an additional 2,090 shares in the last quarter. Vanguard Group Inc. lifted its holdings in 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 purchasing an additional 11,434 shares in the last quarter. SG Americas Securities LLC purchased a new position in Genie Energy during the fourth quarter valued at $211,000. Allspring Global Investments Holdings LLC lifted its holdings in 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 purchasing an additional 8,833 shares in the last quarter. Finally, Granite Bay Wealth Management LLC lifted its holdings in Genie Energy by 205.8% during the fourth quarter. Granite Bay Wealth Management LLC now owns 39,375 shares of the oil and gas producer’s stock valued at $1,108,000 after purchasing an additional 26,500 shares in the last quarter. 49.15% of the stock is owned by hedge funds and other institutional investors.

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.