Millennium Management LLC Sells 10,925 Shares of Genie Energy Ltd. (NYSE:GNE)

Millennium Management LLC trimmed its stake in Genie Energy Ltd. (NYSE:GNE - Free Report) by 16.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 54,409 shares of the oil and gas producer's stock after selling 10,925 shares during the period. Millennium Management LLC owned about 0.20% of Genie Energy worth $848,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. J. Goldman & Co LP increased its position in shares of Genie Energy by 14.8% during the 4th quarter. J. Goldman & Co LP now owns 676,268 shares of the oil and gas producer's stock worth $10,543,000 after purchasing an additional 87,206 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Genie Energy by 4,503.7% in the fourth quarter. Deutsche Bank AG now owns 13,673 shares of the oil and gas producer's stock valued at $213,000 after acquiring an additional 13,376 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new position in shares of Genie Energy in the 4th quarter worth approximately $238,000. Bank of America Corp DE grew its position in Genie Energy by 77.0% during the 4th quarter. Bank of America Corp DE now owns 29,880 shares of the oil and gas producer's stock worth $466,000 after acquiring an additional 13,001 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Genie Energy by 22.2% during the 4th quarter. BNP Paribas Financial Markets now owns 34,288 shares of the oil and gas producer's stock valued at $535,000 after purchasing an additional 6,236 shares in the last quarter. 49.15% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Genie Energy Price Performance

GNE traded up $0.31 during midday trading on Tuesday, hitting $23.03. The company had a trading volume of 182,934 shares, compared to its average volume of 82,870. Genie Energy Ltd. has a twelve month low of $13.05 and a twelve month high of $23.44. The company has a market capitalization of $618.29 million, a PE ratio of 164.52 and a beta of 0.11. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.47 and a current ratio of 2.56. The firm's 50-day simple moving average is $17.33 and its 200-day simple moving average is $15.66.

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

Genie Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Monday, May 19th. Genie Energy's dividend payout ratio is 214.29%.

Insider Activity at Genie Energy

In other Genie Energy news, Director Allan Sass sold 2,920 shares of the company's stock in a transaction on Thursday, May 15th. The shares were 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 in the company, valued at approximately $685,586.80. The trade was a 7.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 17.40% of the stock is owned by company insiders.

Genie Energy Company 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.