Genie Energy (NYSE:GNE) Share Price Passes Below 200 Day Moving Average – Here’s Why

Genie Energy Ltd. (NYSE:GNE) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.11 and traded as low as $13.95. Genie Energy shares last traded at $14.1570, with a volume of 76,292 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GNE shares. Freedom Capital raised shares of Genie Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Weiss Ratings upgraded Genie Energy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 18th. Finally, Wall Street Zen cut Genie Energy from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy”.

Genie Energy Trading Down 2.4%

The firm has a market cap of $369.28 million, a P/E ratio of 28.55 and a beta of 0.19. The company has a current ratio of 2.54, a quick ratio of 2.44 and a debt-to-equity ratio of 0.03. The company’s fifty day moving average price is $14.07 and its two-hundred day moving average price is $14.11.

Genie Energy (NYSE:GNE) last announced its quarterly earnings results on Thursday, May 14th. The oil and gas producer reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.04. The firm had revenue of $142.31 million during the quarter, compared to the consensus estimate of $114.23 million. Genie Energy had a net margin of 3.22% and a return on equity of 9.72%.

Genie Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Friday, May 22nd were given a dividend of $0.075 per share. The ex-dividend date was Friday, May 22nd. This represents a $0.30 dividend on an annualized basis and a yield of 2.1%. Genie Energy’s dividend payout ratio is 61.22%.

Hedge Funds Weigh In On Genie Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. J. Goldman & Co LP increased its stake in shares of Genie Energy by 325.4% in the fourth quarter. J. Goldman & Co LP now owns 805,317 shares of the oil and gas producer’s stock valued at $11,097,000 after buying an additional 616,017 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Genie Energy during the 3rd quarter worth about $4,546,000. JPMorgan Chase & Co. lifted its position in Genie Energy by 362.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 145,845 shares of the oil and gas producer’s stock worth $3,920,000 after buying an additional 114,283 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Genie Energy by 1,040.2% during the 3rd quarter. Victory Capital Management Inc. now owns 104,538 shares of the oil and gas producer’s stock worth $1,563,000 after acquiring an additional 95,370 shares during the last quarter. Finally, Quantinno Capital Management LP grew its holdings in Genie Energy by 92.9% during the 1st quarter. Quantinno Capital Management LP now owns 153,773 shares of the oil and gas producer’s stock worth $2,174,000 after acquiring an additional 74,046 shares during the last quarter. Institutional investors and hedge funds own 49.15% of the company’s stock.

About Genie Energy

Genie Energy Ltd. (NYSE: GNE) is a diversified energy holding company that operates through two primary segments: upstream oil and natural gas exploration and retail energy supply. Its exploration arm, Genie Energy E&P, pursues development of oil shale resources and conventional hydrocarbon deposits, holding licenses for projects in regions such as Israel’s Shefela basin and Jordan’s oil shale formations. The division also explores select opportunities in North America, leveraging technical partnerships to advance resource evaluation and pilot production programs.

Genie Retail Energy provides electricity and natural gas to residential and small commercial customers under regulated and deregulated frameworks.