Genie Energy (NYSE:GNE) Cut to “Hold” at Wall Street Zen
by Mitch Edgeman · The Markets DailyWall Street Zen downgraded shares of Genie Energy (NYSE:GNE – Free Report) from a buy rating to a hold rating in a research note released on Saturday morning,Wall Street Zen reports.
Several other analysts have also recently issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Genie Energy in a research note on Monday, September 14th. Freedom Capital lowered Genie Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has an average rating of “Hold”.
Read Our Latest Analysis on Genie Energy
Genie Energy Stock Up 8.2%
Shares of NYSE:GNE opened at $19.17 on Friday. The company has a 50-day moving average price of $16.34 and a 200-day moving average price of $14.72. The company has a quick ratio of 2.75, a current ratio of 2.89 and a debt-to-equity ratio of 0.03. Genie Energy has a 12 month low of $12.69 and a 12 month high of $19.34.
Genie Energy Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Friday, November 13th will be given a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, November 13th. Genie Energy’s payout ratio is presently 37.04%.
Institutional Investors Weigh In On Genie Energy
Several institutional investors and hedge funds have recently modified their holdings of the stock. Kahn Brothers Group Inc. purchased a new position in shares of Genie Energy during the second quarter valued at about $2,474,655. Quantinno Capital Management LP lifted its holdings in Genie Energy by 92.9% in the first quarter. Quantinno Capital Management LP now owns 153,773 shares of the oil and gas producer’s stock worth $2,174,000 after buying an additional 74,046 shares during the period. Russell Investments Group Ltd. lifted its holdings in Genie Energy by 6.1% in the third quarter. Russell Investments Group Ltd. now owns 24,016 shares of the oil and gas producer’s stock worth $384,000 after buying an additional 1,391 shares during the period. Vise Technologies Inc. lifted its holdings in Genie Energy by 31.1% in the third 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. Finally, Signaturefd LLC bought a new stake in Genie Energy during the 3rd quarter valued at approximately $32,000. 49.15% of the stock is owned by hedge funds and other institutional investors.
About Genie Energy
Genie Energy Ltd. is an energy services company that provides electricity and natural gas to residential and small-business customers through retail energy businesses. Its offerings may include energy supply plans, renewable energy options and related services, with operations conducted through a portfolio of brands and subsidiaries.
The company’s retail energy activities have historically included serving customers in U.S. deregulated energy markets, where consumers can select an independent supplier rather than purchasing supply directly from a regulated utility.