Kahn Brothers Group Inc. acquired a new position in Genie Energy Ltd. (NYSE:GNE – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 175,011 shares of the oil and gas producer’s stock, valued at approximately $2,474,655,000. Genie Energy makes up about 5.0% of Kahn Brothers Group Inc.’s holdings, making the stock its 3rd largest holding. Kahn Brothers Group Inc. owned about 0.66% of Genie Energy as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Quantinno Capital Management LP raised its position in shares of Genie Energy by 92.9% in the 1st quarter. Quantinno Capital Management LP now owns 153,773 shares of the oil and gas producer’s stock worth $2,174,000 after acquiring an additional 74,046 shares in the last quarter. Virtus Advisers LLC bought a new stake in Genie Energy during the third quarter valued at about $124,000. Cubist Systematic Strategies LLC bought a new stake in Genie Energy during the first quarter valued at about $85,000. Quarry LP purchased a new position in Genie Energy in the third quarter valued at about $35,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Genie Energy in the second quarter valued at about $175,000. Hedge funds and other institutional investors own 49.15% of the company’s stock.
Analysts Set New Price Targets
Several analysts have commented on GNE shares. Weiss Ratings raised shares of Genie Energy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Wall Street Zen downgraded shares of Genie Energy from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Freedom Capital lowered shares of Genie Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.
Genie Energy Stock Down 0.7%
Genie Energy stock opened at $14.90 on Friday. Genie Energy Ltd. has a 1-year low of $12.69 and a 1-year high of $16.28. The business has a fifty day moving average price of $14.43 and a 200-day moving average price of $14.20. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.89 and a quick ratio of 2.75. The stock has a market capitalization of $392.30 million, a price-to-earnings ratio of 18.40 and a beta of 0.20.
Genie Energy (NYSE:GNE – Get Free Report) last announced its earnings results on Thursday, August 6th. The oil and gas producer reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.18. The company had revenue of $100.40 million for the quarter, compared to analyst estimates of $104.57 million. Genie Energy had a return on equity of 12.80% and a net margin of 5.05%.
Genie Energy Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Friday, August 14th were issued a dividend of $0.075 per share. The ex-dividend date was Friday, August 14th. This represents a $0.30 annualized dividend and a dividend yield of 2.0%. Genie Energy’s dividend payout ratio is 37.04%.
Genie Energy Profile
Genie Energy Ltd. (NYSE: GNE) is a diversified energy holding company that operates through two primary segments: upstream oil and natural gas exploration and retail energy supply. Its exploration arm, Genie Energy E&P, pursues development of oil shale resources and conventional hydrocarbon deposits, holding licenses for projects in regions such as Israel’s Shefela basin and Jordan’s oil shale formations. The division also explores select opportunities in North America, leveraging technical partnerships to advance resource evaluation and pilot production programs.
Genie Retail Energy provides electricity and natural gas to residential and small commercial customers under regulated and deregulated frameworks.
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