Genie Energy Ltd. (NYSE:GNE – Get Rating) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 148,800 shares, a drop of 8.5% from the October 15th total of 162,600 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily trading volume, of 75,800 shares, the short-interest ratio is presently 2.0 days.
Genie Energy Stock Performance
NYSE GNE opened at $9.65 on Friday. The company has a market capitalization of $252.83 million, a PE ratio of 2.55 and a beta of 0.36. The company has a 50-day simple moving average of $9.41 and a 200 day simple moving average of $9.00. Genie Energy has a 52-week low of $4.74 and a 52-week high of $11.38.
Genie Energy Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 21st. Stockholders of record on Monday, November 14th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Thursday, November 10th. This represents a $0.30 annualized dividend and a dividend yield of 3.11%. Genie Energy’s payout ratio is 7.92%.
Wall Street Analysts Forecast Growth
Hedge Funds Weigh In On Genie Energy
Several large investors have recently modified their holdings of GNE. Kahn Brothers Group Inc. purchased a new position in shares of Genie Energy in the first quarter worth about $2,180,000. Advisor Group Holdings Inc. boosted its position in shares of Genie Energy by 118.0% in the first quarter. Advisor Group Holdings Inc. now owns 8,460 shares of the oil and gas producer’s stock valued at $784,000 after acquiring an additional 4,580 shares during the period. J. Goldman & Co LP boosted its position in shares of Genie Energy by 26.4% in the first quarter. J. Goldman & Co LP now owns 1,264,320 shares of the oil and gas producer’s stock valued at $8,534,000 after acquiring an additional 263,901 shares during the period. State Street Corp boosted its position in shares of Genie Energy by 4.9% in the first quarter. State Street Corp now owns 96,674 shares of the oil and gas producer’s stock valued at $653,000 after acquiring an additional 4,481 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Genie Energy by 3.3% in the second quarter. Renaissance Technologies LLC now owns 714,685 shares of the oil and gas producer’s stock valued at $6,547,000 after acquiring an additional 23,100 shares during the period. Hedge funds and other institutional investors own 23.68% of the company’s stock.
About Genie Energy
Genie Energy Ltd., through its subsidiaries, supplies electricity and natural gas to residential and small business customers in the United States, Finland, Sweden, Japan, and internationally. It operates in three segments: Genie Retail Energy (GRE); GRE International; and Genie Renewables. The company also engages in the provision of energy advisory and brokerage services; solar panel manufacturing and distribution; solar installation design; and project management activities.
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