Genie Energy (NYSE:GNE) Sets New 1-Year High After Analyst Upgrade

Genie Energy Ltd. (NYSE:GNE)’s share price hit a new 52-week high during trading on Monday after Freedom Broker upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $19.05 and last traded at $19.1660, with a volume of 204,112 shares changing hands. The stock had previously closed at $17.72.

GNE has been the subject of several other research reports. Wall Street Zen cut Genie Energy from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings restated a “hold (c)” rating on shares of Genie Energy in a research note on Monday, September 14th. Finally, Freedom Capital downgraded shares of Genie Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Institutional Trading of Genie Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of GNE. Russell Investments Group Ltd. increased its holdings in Genie Energy by 6.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 24,016 shares of the oil and gas producer’s stock worth $384,000 after acquiring an additional 1,391 shares in the last quarter. Signaturefd LLC bought a new stake in shares of Genie Energy during the 3rd quarter valued at $32,000. Vise Technologies Inc. boosted its holdings in Genie Energy by 31.1% in the 3rd quarter. Vise Technologies Inc. now owns 14,934 shares of the oil and gas producer’s stock worth $239,000 after buying an additional 3,545 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Genie Energy by 5.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 212,250 shares of the oil and gas producer’s stock worth $3,001,000 after buying an additional 10,044 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Genie Energy during the second quarter valued at about $175,000. Hedge funds and other institutional investors own 49.15% of the company’s stock.

Genie Energy Trading Up 0.6%

The company has a quick ratio of 2.62, a current ratio of 2.78 and a debt-to-equity ratio of 0.02. The stock has a fifty day simple moving average of $16.42 and a 200 day simple moving average of $14.74. The firm has a market capitalization of $506.77 million, a P/E ratio of 23.77 and a beta of 0.30.

Genie Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Friday, November 13th will be given a dividend of $0.0750 per share. The ex-dividend date is Friday, November 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.6%. Genie Energy’s dividend payout ratio is currently 37.04%.

About Genie Energy

Genie Energy Ltd. is an energy company whose businesses include retail energy supply and renewable energy development. Through Genie Retail Energy and its affiliated brands, the company supplies electricity and natural gas to residential and commercial customers in competitive energy markets. Genie Renewables develops solar energy projects, including projects serving homes and businesses. Genie Energy was spun off from IDT Corporation in 2011. The company is led by Chief Executive Officer Michael Stein, with founder Howard Jonas serving as chairman of the board.