Genie Energy (NYSE:GNE) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Genie Energy Ltd. (NYSE:GNE) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $14.16 and traded as high as $15.23. Genie Energy shares last traded at $15.14, with a volume of 64,844 shares changing hands.

Analysts Set New Price Targets

Several research firms have commented on GNE. Weiss Ratings raised Genie Energy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Wall Street Zen downgraded Genie Energy from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Freedom Capital lowered Genie Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold”.

Genie Energy Trading Down 0.4%

The business’s 50-day moving average price is $14.33 and its 200 day moving average price is $14.16. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.89 and a quick ratio of 2.75. The firm has a market capitalization of $394.01 million, a price-to-earnings ratio of 18.48 and a beta of 0.20.

Genie Energy (NYSE:GNE) last released its quarterly earnings results on Thursday, August 6th. The oil and gas producer reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.18. Genie Energy had a net margin of 5.05% and a return on equity of 12.80%. The business had revenue of $100.40 million during the quarter, compared to analyst estimates of $104.57 million.

Genie Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.075 per share. The ex-dividend date is Friday, August 14th. This represents a $0.30 annualized dividend and a dividend yield of 2.0%. Genie Energy’s dividend payout ratio (DPR) is currently 37.04%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. J. Goldman & Co LP grew its stake in Genie Energy by 325.4% during the 4th quarter. J. Goldman & Co LP now owns 805,317 shares of the oil and gas producer’s stock valued at $11,097,000 after purchasing an additional 616,017 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Genie Energy in the 3rd quarter valued at approximately $4,546,000. Kahn Brothers Group Inc. acquired a new position in shares of Genie Energy in the 2nd quarter valued at approximately $2,474,655,000. JPMorgan Chase & Co. boosted its stake in shares of Genie Energy by 362.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 145,845 shares of the oil and gas producer’s stock valued at $3,920,000 after buying an additional 114,283 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Genie Energy by 1,040.2% during the 3rd quarter. Victory Capital Management Inc. now owns 104,538 shares of the oil and gas producer’s stock valued at $1,563,000 after buying an additional 95,370 shares during the last quarter. Institutional investors and hedge funds own 49.15% of the company’s stock.

About Genie Energy

Genie Energy Ltd. (NYSE: GNE) is a diversified energy holding company that operates through two primary segments: upstream oil and natural gas exploration and retail energy supply. Its exploration arm, Genie Energy E&P, pursues development of oil shale resources and conventional hydrocarbon deposits, holding licenses for projects in regions such as Israel’s Shefela basin and Jordan’s oil shale formations. The division also explores select opportunities in North America, leveraging technical partnerships to advance resource evaluation and pilot production programs.

Genie Retail Energy provides electricity and natural gas to residential and small commercial customers under regulated and deregulated frameworks.