Genie Energy (NYSE:GNE) Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Genie Energy (NYSE:GNE) from a buy rating to a hold rating in a report published on Friday morning, Zacks.com reports.

According to Zacks, “Genie Energy Ltd., is engaged in supplying electricity and natural gas in New York, Pennsylvania, and New Jersey. The Company has oil shale projects in Colorado and Israel and also provides alternative fuels for transportation purposes. Genie Energy Ltd. is based in Newark, New Jersey. “

Genie Energy stock traded down $0.23 during trading hours on Friday, reaching $10.66. 141,906 shares of the company’s stock were exchanged, compared to its average volume of 260,914. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.02 and a quick ratio of 1.83. The stock’s 50 day moving average price is $10.85. Genie Energy has a twelve month low of $5.08 and a twelve month high of $11.98. The firm has a market cap of $298.54 million, a price-to-earnings ratio of 11.84 and a beta of 1.37.

Genie Energy (NYSE:GNE) last issued its quarterly earnings results on Monday, May 6th. The oil and gas producer reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.16. Genie Energy had a return on equity of 37.04% and a net margin of 8.18%. The firm had revenue of $86.62 million during the quarter, compared to the consensus estimate of $72.40 million. On average, research analysts expect that Genie Energy will post 0.8 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of GNE. Dimensional Fund Advisors LP grew its stake in shares of Genie Energy by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 971,123 shares of the oil and gas producer’s stock valued at $5,856,000 after buying an additional 14,897 shares during the period. Geode Capital Management LLC grew its stake in shares of Genie Energy by 38.0% in the 4th quarter. Geode Capital Management LLC now owns 127,366 shares of the oil and gas producer’s stock valued at $767,000 after buying an additional 35,080 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Genie Energy by 8.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 76,258 shares of the oil and gas producer’s stock valued at $648,000 after buying an additional 5,900 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Genie Energy in the 2nd quarter valued at about $698,000. Finally, Acadian Asset Management LLC grew its stake in shares of Genie Energy by 142.0% in the 1st quarter. Acadian Asset Management LLC now owns 58,916 shares of the oil and gas producer’s stock valued at $501,000 after buying an additional 34,569 shares during the period. Hedge funds and other institutional investors own 19.69% of the company’s stock.

About Genie Energy

Genie Energy Ltd., through its subsidiaries, operates as a retail energy provider; and an oil and gas exploration company. The company operates through three segments: Genie Retail Energy; Genie Energy Services; and Genie Oil and Gas, Inc It resells electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States, as well as in the United Kingdom, Japan, and Finland.

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