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

Genie Energy Ltd. (NYSE:GNE) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 314,900 shares, a drop of 6.9% from the August 31st total of 338,100 shares. Approximately 2.5% of the company’s stock are short sold. Based on an average daily trading volume, of 90,200 shares, the short-interest ratio is presently 3.5 days.

Genie Energy Stock Down 1.7 %

GNE traded down $0.27 during trading on Tuesday, hitting $15.98. The company’s stock had a trading volume of 85,205 shares, compared to its average volume of 127,841. The business’s 50 day simple moving average is $16.47 and its 200-day simple moving average is $15.76. The firm has a market cap of $433.55 million, a PE ratio of 32.12 and a beta of 0.09. Genie Energy has a one year low of $14.00 and a one year high of $30.90.

Genie Energy (NYSE:GNE) last issued its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.37 EPS for the quarter. Genie Energy had a return on equity of 23.30% and a net margin of 1.75%. The business had revenue of $90.70 million during the quarter.

Genie Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Wednesday, August 14th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Wednesday, August 14th. Genie Energy’s dividend payout ratio (DPR) is presently 60.00%.

Insiders Place Their Bets

In related news, CFO Avi Goldin sold 2,300 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $17.19, for a total value of $39,537.00. Following the sale, the chief financial officer now directly owns 134,999 shares of the company’s stock, valued at $2,320,632.81. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Genie Energy news, CFO Avi Goldin sold 2,300 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $17.19, for a total value of $39,537.00. Following the sale, the chief financial officer now owns 134,999 shares in the company, valued at $2,320,632.81. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James A. Courter sold 3,675 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $17.19, for a total transaction of $63,173.25. Following the transaction, the director now directly owns 304,411 shares of the company’s stock, valued at approximately $5,232,825.09. The disclosure for this sale can be found here. 16.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Genie Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Point72 DIFC Ltd increased its holdings in shares of Genie Energy by 11,831.6% in the second quarter. Point72 DIFC Ltd now owns 2,267 shares of the oil and gas producer’s stock worth $33,000 after purchasing an additional 2,248 shares during the last quarter. SG Americas Securities LLC grew its holdings in Genie Energy by 41.9% during the 1st quarter. SG Americas Securities LLC now owns 10,645 shares of the oil and gas producer’s stock valued at $161,000 after buying an additional 3,144 shares in the last quarter. BOKF NA bought a new stake in Genie Energy in the 2nd quarter worth approximately $165,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Genie Energy during the 2nd quarter worth approximately $169,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Genie Energy during the 2nd quarter valued at approximately $179,000. Institutional investors own 49.15% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Genie Energy from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.

About Genie Energy

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.