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

Genie Energy Ltd. (NYSE:GNE) was the target of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 241,000 shares, a drop of 5.5% from the October 31st total of 254,900 shares. Based on an average trading volume of 60,100 shares, the short-interest ratio is currently 4.0 days. Approximately 1.9% of the shares of the company are short sold.

Genie Energy Stock Down 1.2 %

GNE opened at $14.75 on Thursday. Genie Energy has a fifty-two week low of $14.00 and a fifty-two week high of $30.90. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.56 and a quick ratio of 2.47. The firm’s fifty day moving average price is $16.01 and its two-hundred day moving average price is $15.90. The company has a market capitalization of $401.20 million, a P/E ratio of 105.36 and a beta of 0.07.

Genie Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.075 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.03%. Genie Energy’s payout ratio is presently 214.30%.

Insider Transactions at Genie Energy

In other Genie Energy news, Director James A. Courter sold 3,675 shares of Genie Energy stock in a transaction 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 sale, the director now owns 304,411 shares in the company, valued at $5,232,825.09. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Avi Goldin sold 2,300 shares of Genie Energy stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $17.19, for a total transaction 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. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,275 shares of company stock worth $215,276. Insiders own 16.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GNE. Vanguard Group Inc. lifted its holdings in shares of Genie Energy by 1.0% during the first quarter. Vanguard Group Inc. now owns 1,242,612 shares of the oil and gas producer’s stock valued at $18,739,000 after acquiring an additional 12,806 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Genie Energy by 8.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,359 shares of the oil and gas producer’s stock valued at $202,000 after acquiring an additional 1,002 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Genie Energy in the second quarter valued at about $179,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Genie Energy by 12.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 79,630 shares of the oil and gas producer’s stock valued at $1,164,000 after buying an additional 8,643 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Genie Energy by 10.0% in the second quarter. Principal Financial Group Inc. now owns 32,355 shares of the oil and gas producer’s stock valued at $473,000 after buying an additional 2,941 shares during the last quarter. 49.15% of the stock is owned by institutional investors.

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.