Genie Energy (NYSE:GNE) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Genie Energy from “hold” to “buy,” although the broader analyst consensus remains “Hold” after other firms maintained or downgraded their ratings.
• Genie Energy shares opened at $16.72, near their 52-week high of $17.11, and were supported by strong quarterly earnings of $0.43 per share versus the $0.25 consensus estimate.
• Institutional investors and hedge funds own approximately 49.15% of the company, with several firms recently initiating or increasing their positions in GNE.

Genie Energy (NYSE:GNE - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other analysts have also recently issued reports on GNE. Freedom Capital cut shares of Genie Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 10th. Weiss Ratings reissued a "hold (c)" rating on shares of Genie Energy in a research note on Monday, September 14th. Two research analysts have rated the stock with a Hold rating. According to MarketBeat, Genie Energy has a consensus rating of "Hold".

Genie Energy Stock Up 0.1%

GNE stock opened at $16.72 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.89 and a quick ratio of 2.75. Genie Energy has a 52-week low of $12.69 and a 52-week high of $17.11. The company's 50-day simple moving average is $15.70 and its 200-day simple moving average is $14.65.

Genie Energy (NYSE:GNE - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The oil and gas producer reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.18. Genie Energy had a net margin of 5.05% and a return on equity of 12.80%. The business had revenue of $100.40 million for the quarter, compared to the consensus estimate of $104.57 million.

Institutional Investors Weigh In On Genie Energy

A number of hedge funds and other institutional investors have recently modified their holdings of GNE. Kahn Brothers Group Inc. acquired a new stake in shares of Genie Energy during the second quarter worth about $2,196,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Genie Energy during the second quarter worth about $175,000. Empowered Funds LLC purchased a new position in shares of Genie Energy during the first quarter worth about $204,000. Quantinno Capital Management LP raised its stake 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 valued at $2,174,000 after acquiring an additional 74,046 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Genie Energy by 5.0% during 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 acquiring an additional 10,044 shares during the last quarter. 49.15% of the stock is currently owned by institutional investors and hedge funds.

Genie Energy Company Profile

Genie Energy Ltd. is an energy services company that supplies electricity and natural gas to residential and small-business customers, primarily through retail energy operations in deregulated markets. Its retail businesses market energy plans and related services directly to consumers and businesses, offering alternatives to traditional utility supply arrangements.

The company's activities also include renewable energy and energy-related services. Through its renewable energy operations, Genie Energy develops and markets solar power solutions, while its energy services businesses provide brokerage, consulting and other support designed to help customers manage their energy needs.

Genie Energy was formed in 2011 as a spin-off from IDT Corporation and is headquartered in Newark, New Jersey.

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