Genie Energy (NYSE:GNE) Upgraded by StockNews.com to “Buy”

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

Genie Energy Price Performance

GNE opened at $14.43 on Thursday. Genie Energy has a fifty-two week low of $12.95 and a fifty-two week high of $30.90. The firm has a market capitalization of $391.49 million, a P/E ratio of 28.86 and a beta of 0.20. The company’s 50-day moving average is $15.16 and its 200 day moving average is $18.45.

Genie Energy (NYSE:GNE) last announced its 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 for the quarter. Genie Energy had a return on equity of 24.06% and a net margin of 2.99%.

Genie Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Monday, May 20th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Friday, May 17th. Genie Energy’s dividend payout ratio is 60.00%.

Institutional Investors Weigh In On Genie Energy

Several large investors have recently modified their holdings of the stock. Algert Global LLC increased its position in Genie Energy by 13.7% in 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 during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Genie Energy by 1.0% in the third quarter. Vanguard Group Inc. now owns 1,190,112 shares of the oil and gas producer’s stock worth $17,530,000 after acquiring an additional 11,434 shares during the period. SG Americas Securities LLC bought a new position in shares of Genie Energy in the fourth quarter worth $211,000. Allspring Global Investments Holdings LLC grew its position in shares of Genie Energy by 20.1% in 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 shares of Genie Energy by 205.8% in the fourth quarter. Granite Bay Wealth Management LLC now owns 39,375 shares of the oil and gas producer’s stock worth $1,108,000 after buying an additional 26,500 shares in the last quarter. Hedge funds and other institutional investors own 49.15% of the company’s stock.

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.