Federated Hermes Inc. Reduces Stock Position in Genie Energy Ltd. (NYSE:GNE)

Federated Hermes Inc. cut its holdings in Genie Energy Ltd. (NYSE:GNE) by 24.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,811 shares of the oil and gas producer’s stock after selling 31,422 shares during the quarter. Federated Hermes Inc. owned approximately 0.35% of Genie Energy worth $1,386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GNE. Swiss National Bank bought a new stake in shares of Genie Energy in the 4th quarter worth approximately $1,077,000. Principal Financial Group Inc. bought a new stake in Genie Energy in the first quarter valued at $444,000. Americana Partners LLC purchased a new position in Genie Energy during the 2nd quarter valued at $408,000. Allspring Global Investments Holdings LLC raised its holdings in Genie Energy by 34.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 70,987 shares of the oil and gas producer’s stock worth $1,070,000 after purchasing an additional 18,298 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its position in shares of Genie Energy by 8.6% in the 1st quarter. Hillsdale Investment Management Inc. now owns 210,641 shares of the oil and gas producer’s stock worth $3,176,000 after purchasing an additional 16,700 shares during the period. Hedge funds and other institutional investors own 49.15% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Genie Energy from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st.

Insider Buying and Selling

In other Genie Energy news, Director James A. Courter sold 3,675 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $17.19, for a total transaction of $63,173.25. Following the completion of the transaction, the director now owns 304,411 shares of the company’s stock, valued at $5,232,825.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Genie Energy news, Director James A. Courter sold 3,675 shares of Genie Energy stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $17.19, for a total value of $63,173.25. Following the completion of the sale, the director now owns 304,411 shares of the company’s stock, valued at approximately $5,232,825.09. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Avi Goldin sold 2,300 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $17.19, for a total transaction of $39,537.00. Following the sale, the chief financial officer now owns 134,999 shares of the company’s stock, valued at $2,320,632.81. The disclosure for this sale can be found here. 16.50% of the stock is currently owned by insiders.

Genie Energy Stock Performance

GNE stock opened at $16.80 on Friday. The company has a market capitalization of $455.80 million, a price-to-earnings ratio of 33.60 and a beta of 0.09. The business’s 50 day moving average price is $16.50 and its two-hundred day moving average price is $15.82. Genie Energy Ltd. has a fifty-two week low of $14.00 and a fifty-two week high of $30.90.

Genie Energy (NYSE:GNE) last issued its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.37 earnings per share for the quarter. The company had revenue of $90.70 million for the quarter. Genie Energy had a return on equity of 23.30% and a net margin of 1.75%.

Genie Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Wednesday, August 14th were paid a $0.075 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $0.30 annualized dividend and a dividend yield of 1.79%. Genie Energy’s payout ratio is 60.00%.

Genie Energy 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.