Genie Energy Ltd. (NYSE:GNE) Sees Large Drop in Short Interest

Genie Energy Ltd. (NYSE:GNE) saw a significant decrease in short interest in November. As of November 15th, there was short interest totalling 241,000 shares, a decrease of 5.5% from the October 31st total of 254,900 shares. Based on an average daily trading volume, of 60,100 shares, the days-to-cover ratio is currently 4.0 days. Currently, 1.9% of the company’s shares are sold short.

Insider Buying and Selling at Genie Energy

In other Genie Energy news, CFO Avi Goldin sold 7,300 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $15.42, for a total transaction of $112,566.00. Following the completion of the sale, the chief financial officer now directly owns 127,699 shares of the company’s stock, valued at approximately $1,969,118.58. This represents a 5.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James A. Courter sold 3,675 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $17.19, for a total transaction of $63,173.25. Following the sale, the director now directly owns 304,411 shares of the company’s stock, valued at $5,232,825.09. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,275 shares of company stock valued at $215,276. 16.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Genie Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in Genie Energy by 8.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,359 shares of the oil and gas producer’s stock valued at $202,000 after purchasing an additional 1,002 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Genie Energy by 1.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 80,676 shares of the oil and gas producer’s stock valued at $1,311,000 after purchasing an additional 1,046 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Genie Energy by 4.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 41,960 shares of the oil and gas producer’s stock valued at $682,000 after purchasing an additional 1,891 shares during the last quarter. Point72 DIFC Ltd grew its holdings in Genie Energy by 11,831.6% during the second quarter. Point72 DIFC Ltd now owns 2,267 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 2,248 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Genie Energy by 10.0% during the second quarter. Principal Financial Group Inc. now owns 32,355 shares of the oil and gas producer’s stock valued at $473,000 after purchasing an additional 2,941 shares during the last quarter. Institutional investors and hedge funds own 49.15% of the company’s stock.

Genie Energy Price Performance

Shares of GNE opened at $14.75 on Thursday. The firm has a market cap of $401.20 million, a PE ratio of 105.36 and a beta of 0.07. The firm’s 50 day moving average price is $16.01 and its 200 day moving average price is $15.90. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.47 and a current ratio of 2.56. Genie Energy has a twelve month low of $14.00 and a twelve month high of $30.90.

Genie Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Investors of record on Tuesday, November 12th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Tuesday, November 12th. Genie Energy’s payout ratio is presently 214.30%.

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.