Genie Energy (NYSE:GNE) Sets New 52-Week High After Analyst Upgrade

Genie Energy Ltd. (NYSE:GNE)’s share price reached a new 52-week high during trading on Monday after Freedom Broker upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $19.05 and last traded at $19.1660, with a volume of 204,112 shares. The stock had previously closed at $17.72.

GNE has been the topic of several other research reports. Wall Street Zen downgraded shares of Genie Energy from a “buy” rating to a “hold” rating in a report on Saturday. Freedom Capital cut shares of Genie Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Genie Energy in a research note on Monday, September 14th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Institutional Investors Weigh In On Genie Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Genie Energy by 5.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 212,250 shares of the oil and gas producer’s stock valued at $3,001,000 after buying an additional 10,044 shares during the period. Kahn Brothers Group Inc. acquired a new stake in Genie Energy during the second quarter worth about $2,474,655. Quantinno Capital Management LP grew its holdings in Genie Energy by 92.9% during 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 acquiring an additional 74,046 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Genie Energy during the first quarter worth about $365,000. Finally, Russell Investments Group Ltd. raised its position in Genie Energy by 6.1% during the third quarter. Russell Investments Group Ltd. now owns 24,016 shares of the oil and gas producer’s stock valued at $384,000 after acquiring an additional 1,391 shares in the last quarter. 49.15% of the stock is owned by institutional investors and hedge funds.

Genie Energy Stock Performance

The firm has a 50-day moving average of $16.42 and a two-hundred day moving average of $14.74. The company has a quick ratio of 2.62, a current ratio of 2.78 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $506.77 million, a PE ratio of 23.77 and a beta of 0.30.

Genie Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Friday, November 13th will be issued a dividend of $0.0750 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, November 13th. Genie Energy’s payout ratio is 37.04%.

About Genie Energy

Genie Energy Ltd. is an energy company whose businesses include retail energy supply and renewable energy development. Through Genie Retail Energy and its affiliated brands, the company supplies electricity and natural gas to residential and commercial customers in competitive energy markets. Genie Renewables develops solar energy projects, including projects serving homes and businesses. Genie Energy was spun off from IDT Corporation in 2011. The company is led by Chief Executive Officer Michael Stein, with founder Howard Jonas serving as chairman of the board.