Genie Energy (NYSE:GNE) Sets New 52-Week High - Here's What Happened

Genie Energy Ltd. (NYSE:GNE - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $20.60 and last traded at $20.43, with a volume of 60437 shares. The stock had previously closed at $19.66.

Wall Street Analyst Weigh In

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

Genie Energy Price Performance

The company's 50-day moving average is $16.34 and its 200-day moving average is $15.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.56 and a quick ratio of 2.47. The firm has a market capitalization of $569.40 million, a price-to-earnings ratio of 151.51 and a beta of -0.02.

Genie Energy (NYSE:GNE - Get Free Report) last released its 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 net margin of 0.80% and a return on equity of 21.48%. The business had revenue of $136.81 million for the quarter.

Genie Energy Dividend Announcement

The firm 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. The ex-dividend date was Monday, May 19th. This represents a $0.30 annualized dividend and a yield of 1.41%. Genie Energy's payout ratio is 214.29%.

Insider Activity at Genie Energy

In related news, Director Allan Sass sold 2,920 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $17.72, for a total value of $51,742.40. Following the transaction, the director now owns 38,690 shares in the company, valued at approximately $685,586.80. This trade represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GNE. SG Americas Securities LLC purchased a new position in Genie Energy in the fourth quarter valued at approximately $107,000. R Squared Ltd purchased a new position in Genie Energy in the fourth quarter valued at approximately $37,000. Americana Partners LLC raised its holdings in Genie Energy by 37.8% in the fourth quarter. Americana Partners LLC now owns 159,200 shares of the oil and gas producer's stock valued at $2,482,000 after buying an additional 43,655 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Genie Energy by 24.3% during the fourth quarter. Bank of New York Mellon Corp now owns 166,695 shares of the oil and gas producer's stock valued at $2,599,000 after purchasing an additional 32,630 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Genie Energy by 4.9% during the fourth quarter. American Century Companies Inc. now owns 33,752 shares of the oil and gas producer's stock valued at $526,000 after purchasing an additional 1,566 shares during the period. Hedge funds and other institutional investors own 49.15% of the company's stock.

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.