Genie Energy (GNE) Hits New 12-Month High After Dividend Announcement

Genie Energy Ltd (NYSE:GNE) hit a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $6.49 and last traded at $6.47, with a volume of 534 shares changing hands. The stock had previously closed at $6.24.

The newly announced dividend which will be paid on Friday, November 30th. Stockholders of record on Monday, November 19th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date is Friday, November 16th.

The stock has a market capitalization of $165.05 million, a P/E ratio of 8.91 and a beta of 1.47. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.80 and a current ratio of 1.96.

Genie Energy (NYSE:GNE) last issued its quarterly earnings data on Monday, November 5th. The oil and gas producer reported $0.21 earnings per share (EPS) for the quarter. The company had revenue of $71.84 million for the quarter. Genie Energy had a net margin of 3.42% and a return on equity of 33.98%.

Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its holdings in Genie Energy by 10,159.5% during the second quarter. Tower Research Capital LLC TRC now owns 21,545 shares of the oil and gas producer’s stock valued at $107,000 after buying an additional 21,335 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Genie Energy during the second quarter valued at approximately $141,000. Spark Investment Management LLC increased its holdings in Genie Energy by 101.9% during the second quarter. Spark Investment Management LLC now owns 41,600 shares of the oil and gas producer’s stock valued at $206,000 after buying an additional 21,000 shares during the period. LMR Partners LLP purchased a new position in Genie Energy during the second quarter valued at approximately $210,000. Finally, Paloma Partners Management Co purchased a new position in Genie Energy during the second quarter valued at approximately $326,000. 16.45% of the stock is currently owned by institutional investors.

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About Genie Energy (NYSE:GNE)

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; Afek Oil and Gas, Ltd.; and Genie Oil and Gas. It resells electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States; and offers energy brokerage and advisory services.

Read More: Diversification

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