Genie Energy Ltd. (NYSE:GNE) Sees Significant Decrease in Short Interest

Key Points

• Genie Energy Ltd. experienced a 24.1% drop in short interest during August, reducing the total to 476,000 shares as of August 31st.
• Institutional investors now hold 49.15% of Genie Energy's stock, with significant increases from firms like JPMorgan Chase and Bank of America.
• Wall Street analysts downgraded Genie Energy from a "strong-buy" rating to a "buy" rating as of September 6th.

Genie Energy Ltd. (NYSE:GNE - Get Free Report) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totaling 476,000 shares, a decline of 24.1% from the August 15th total of 627,100 shares. Based on an average daily volume of 233,300 shares, the short-interest ratio is presently 2.0 days. Currently, 3.8% of the shares of the stock are sold short. Currently, 3.8% of the shares of the stock are sold short. Based on an average daily volume of 233,300 shares, the short-interest ratio is presently 2.0 days.

Genie Energy Stock Down 1.8%

Shares of GNE stock traded down $0.28 during trading hours on Friday, reaching $14.90. 293,613 shares of the company's stock were exchanged, compared to its average volume of 145,481. The company has a current ratio of 1.99, a quick ratio of 1.85 and a debt-to-equity ratio of 0.04. The stock has a market cap of $398.07 million, a PE ratio of 106.46 and a beta of 0.10. The stock's fifty day moving average price is $17.26 and its two-hundred day moving average price is $18.21. Genie Energy has a 1 year low of $13.05 and a 1 year high of $28.47.

Genie Energy (NYSE:GNE - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.11 earnings per share for the quarter. Genie Energy had a return on equity of 6.40% and a net margin of 1.82%.

Genie Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Monday, August 11th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Monday, August 11th. Genie Energy's payout ratio is 214.29%.

Institutional Trading of Genie Energy

Several institutional investors and hedge funds have recently bought and sold shares of GNE. Ameritas Investment Partners Inc. raised its holdings in Genie Energy by 71.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,171 shares of the oil and gas producer's stock valued at $58,000 after buying an additional 906 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in Genie Energy by 29.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,691 shares of the oil and gas producer's stock valued at $126,000 after buying an additional 1,057 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Genie Energy in the 1st quarter worth about $85,000. AlphaQuest LLC purchased a new stake in Genie Energy in the 2nd quarter worth approximately $170,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Genie Energy in the 2nd quarter worth about $175,000. Institutional investors and hedge funds own 49.15% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Genie Energy from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 6th.

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.