Bank of America Corp DE Grows Stock Position in Genie Energy Ltd. (NYSE:GNE)

Bank of America Corp DE raised its stake in shares of Genie Energy Ltd. (NYSE:GNE - Free Report) by 77.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,880 shares of the oil and gas producer's stock after buying an additional 13,001 shares during the quarter. Bank of America Corp DE owned about 0.11% of Genie Energy worth $466,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its stake in Genie Energy by 22.2% during the fourth quarter. BNP Paribas Financial Markets now owns 34,288 shares of the oil and gas producer's stock valued at $535,000 after buying an additional 6,236 shares during the last quarter. PDT Partners LLC bought a new stake in shares of Genie Energy in the 4th quarter worth $174,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Genie Energy by 26.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,701 shares of the oil and gas producer's stock worth $230,000 after purchasing an additional 3,119 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Genie Energy by 54.6% in the 4th quarter. Marshall Wace LLP now owns 31,703 shares of the oil and gas producer's stock worth $494,000 after purchasing an additional 11,190 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Genie Energy in the 4th quarter worth $292,000. Hedge funds and other institutional investors own 49.15% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Genie Energy from a "buy" rating to a "strong-buy" rating in a report on Wednesday, May 7th.

Genie Energy Stock Up 1.9%

Shares of Genie Energy stock traded up $0.47 on Friday, reaching $24.89. The company's stock had a trading volume of 229,673 shares, compared to its average volume of 84,001. The company has a quick ratio of 2.47, a current ratio of 2.56 and a debt-to-equity ratio of 0.01. Genie Energy Ltd. has a 52 week low of $13.05 and a 52 week high of $25.00. The company has a market capitalization of $668.20 million, a price-to-earnings ratio of 177.80 and a beta of 0.12. The firm's fifty day simple moving average is $17.91 and its two-hundred day simple moving average is $15.83.

Genie Energy (NYSE:GNE - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $0.42 earnings per share (EPS) for the quarter. Genie Energy had a return on equity of 21.48% and a net margin of 0.80%. The business had revenue of $136.81 million during the quarter.

Genie Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Monday, May 19th. Genie Energy's dividend payout ratio is presently 214.29%.

Insider Buying and Selling at Genie Energy

In other Genie Energy news, Director Allan Sass sold 2,920 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $17.72, for a total transaction of $51,742.40. Following the completion of the sale, the director now owns 38,690 shares of the company's stock, valued at approximately $685,586.80. The trade was a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.40% of the stock is currently owned by corporate insiders.

Genie Energy Profile

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