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

Genie Energy Ltd. (NYSE:GNE) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $20.60 and last traded at $20.43, with a volume of 60437 shares traded. The stock had previously closed at $19.66.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Genie Energy from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 7th.

Genie Energy Price Performance

The company’s 50 day simple moving average is $15.87 and its 200 day simple moving average is $15.20. The company has a market capitalization of $557.05 million, a PE ratio of 148.22 and a beta of -0.02. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.56 and a quick ratio of 2.47.

Genie Energy (NYSE:GNE) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas producer reported $0.42 EPS for the quarter. Genie Energy had a net margin of 0.80% and a return on equity of 21.48%. The business had revenue of $136.81 million for the quarter.

Genie Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Monday, May 19th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Monday, May 19th. Genie Energy’s dividend payout ratio is currently 214.29%.

Insiders Place Their Bets

In other Genie Energy news, Director Allan Sass sold 2,920 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $17.72, for a total transaction of $51,742.40. Following the completion of the sale, the director now directly owns 38,690 shares in the company, valued at $685,586.80. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 17.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Genie Energy

Large investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in Genie Energy in the fourth quarter valued at approximately $107,000. R Squared Ltd bought a new position in shares of Genie Energy during the fourth quarter worth approximately $37,000. Americana Partners LLC grew its holdings in shares of Genie Energy by 37.8% during the 4th quarter. Americana Partners LLC now owns 159,200 shares of the oil and gas producer’s stock worth $2,482,000 after purchasing an additional 43,655 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Genie Energy by 24.3% in the 4th quarter. Bank of New York Mellon Corp now owns 166,695 shares of the oil and gas producer’s stock valued at $2,599,000 after buying an additional 32,630 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Genie Energy by 4.9% in the fourth quarter. American Century Companies Inc. now owns 33,752 shares of the oil and gas producer’s stock valued at $526,000 after acquiring an additional 1,566 shares during the last quarter. Institutional investors own 49.15% of the company’s stock.

About Genie Energy

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.