Genie Energy (NYSE:GNE) Stock Price Down 4.8% - Here's What Happened

Genie Energy Ltd. (NYSE:GNE - Get Free Report) traded down 4.8% during trading on Wednesday . The company traded as low as $25.51 and last traded at $25.48. 34,740 shares traded hands during trading, a decline of 63% from the average session volume of 92,800 shares. The stock had previously closed at $26.77.

Analysts Set New Price Targets

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 Stock Up 1.6%

The stock has a market capitalization of $672.32 million, a price-to-earnings ratio of 178.86 and a beta of 0.19. The firm's fifty day moving average is $21.27 and its 200-day moving average is $17.02. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.03 and a quick ratio of 1.92.

Genie Energy (NYSE:GNE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The oil and gas producer reported $0.42 earnings per share (EPS) for the quarter. The firm had revenue of $136.81 million for the quarter. Genie Energy had a net margin of 3.41% and a return on equity of 10.16%.

Genie Energy Announces Dividend

The business 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 of this dividend was Monday, May 19th. This represents a $0.30 annualized dividend and a yield of 1.20%. Genie Energy's dividend payout ratio is presently 214.29%.

Insider Transactions at Genie Energy

In other Genie Energy news, Director Allan Sass sold 2,920 shares of the 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 sale, the director directly owned 38,690 shares of the company's stock, valued at approximately $685,586.80. This represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 17.40% of the stock is owned by corporate insiders.

Institutional Trading of Genie Energy

A number of institutional investors and hedge funds have recently modified their holdings of GNE. Bank of New York Mellon Corp raised its holdings 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 worth $2,599,000 after purchasing an additional 32,630 shares during the period. American Century Companies Inc. raised its holdings 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 worth $526,000 after purchasing an additional 1,566 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Genie Energy during the fourth quarter worth $296,000. Vanguard Group Inc. raised its holdings in shares of Genie Energy by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 1,270,284 shares of the oil and gas producer's stock worth $19,804,000 after purchasing an additional 39,749 shares during the period. Finally, WINTON GROUP Ltd raised its holdings in shares of Genie Energy by 207.0% during the fourth quarter. WINTON GROUP Ltd now owns 37,564 shares of the oil and gas producer's stock worth $586,000 after purchasing an additional 25,329 shares during the period. 49.15% of the stock is owned by institutional investors and hedge funds.

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.