Genie Energy (NYSE:GNE) Sets New 12-Month High at $26.08

Genie Energy Ltd. (NYSE:GNEGet Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $26.08 and last traded at $25.70, with a volume of 26840 shares changing hands. The stock had previously closed at $25.53.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on Genie Energy in a research note on Thursday, October 5th. They issued a “buy” rating on the stock.

Read Our Latest Report on Genie Energy

Genie Energy Trading Up 1.4 %

The stock has a market capitalization of $710.66 million, a P/E ratio of 11.34 and a beta of 0.30. The company has a fifty day simple moving average of $17.88 and a two-hundred day simple moving average of $15.67.

Genie Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 21st. Investors of record on Monday, November 13th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.16%. The ex-dividend date is Friday, November 10th. Genie Energy’s payout ratio is 13.33%.

Insider Transactions at Genie Energy

In other Genie Energy news, CFO Avi Goldin sold 6,500 shares of the stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $24.06, for a total transaction of $156,390.00. Following the completion of the transaction, the chief financial officer now owns 141,763 shares in the company, valued at approximately $3,410,817.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 18.90% of the company’s stock.

Institutional Investors Weigh In On Genie Energy

A number of institutional investors and hedge funds have recently modified their holdings of GNE. BlackRock Inc. boosted its holdings in shares of Genie Energy by 232.3% during the 2nd quarter. BlackRock Inc. now owns 1,316,407 shares of the oil and gas producer’s stock worth $18,614,000 after buying an additional 920,237 shares during the period. State Street Corp boosted its holdings in shares of Genie Energy by 259.4% during the second quarter. State Street Corp now owns 348,165 shares of the oil and gas producer’s stock worth $4,923,000 after acquiring an additional 251,291 shares during the period. Geode Capital Management LLC grew its position in shares of Genie Energy by 108.6% in the second quarter. Geode Capital Management LLC now owns 384,762 shares of the oil and gas producer’s stock valued at $5,441,000 after purchasing an additional 200,299 shares during the last quarter. Northern Trust Corp increased its stake in shares of Genie Energy by 341.7% during the second quarter. Northern Trust Corp now owns 167,915 shares of the oil and gas producer’s stock worth $2,374,000 after purchasing an additional 129,903 shares during the period. Finally, Marshall Wace LLP lifted its holdings in Genie Energy by 193.7% during the 4th quarter. Marshall Wace LLP now owns 163,609 shares of the oil and gas producer’s stock worth $1,692,000 after purchasing an additional 107,900 shares during the last quarter. 41.58% of the stock is owned by institutional investors.

Genie Energy Company Profile

(Get Free Report)

Genie Energy Ltd., through its subsidiaries, supplies electricity and natural gas to residential and small business customers in the United States and internationally. It operates in two segments, Genie Retail Energy 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 advisory and brokerage services; and manufactures and distributes solar panel, as well as engages in solar installation design and project management activities.

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