Genie Energy (NYSE:GNE) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Shares of Genie Energy Ltd. (NYSE:GNE) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $15.89 and traded as high as $15.89. Genie Energy shares last traded at $15.79, with a volume of 49,263 shares traded.

Wall Street Analysts Forecast Growth

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

Genie Energy Price Performance

The company has a market cap of $424.64 million, a price-to-earnings ratio of 112.79 and a beta of 0.09. The company has a 50-day simple moving average of $16.37 and a 200-day simple moving average of $15.89. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.47 and a current ratio of 2.56.

Genie Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Tuesday, November 12th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, November 12th. Genie Energy’s dividend payout ratio is presently 214.29%.

Insider Buying and Selling at Genie Energy

In other news, Director James A. Courter sold 3,675 shares of Genie Energy 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 completion of the sale, the director now directly owns 304,411 shares in the company, valued at approximately $5,232,825.09. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Avi Goldin sold 2,300 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $2,320,632.81. This trade represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. 16.50% of the stock is owned by corporate insiders.

Institutional Trading of Genie Energy

Several large investors have recently bought and sold shares of GNE. Barclays PLC grew its position in shares of Genie Energy by 234.6% in the third quarter. Barclays PLC now owns 20,617 shares of the oil and gas producer’s stock valued at $334,000 after purchasing an additional 14,455 shares during the last quarter. Jane Street Group LLC grew its holdings in Genie Energy by 9.4% during the 3rd quarter. Jane Street Group LLC now owns 65,788 shares of the oil and gas producer’s stock valued at $1,069,000 after buying an additional 5,671 shares during the last quarter. State Street Corp increased its position in Genie Energy by 2.4% during the third quarter. State Street Corp now owns 520,358 shares of the oil and gas producer’s stock worth $8,456,000 after buying an additional 11,981 shares in the last quarter. Martingale Asset Management L P raised its holdings in shares of Genie Energy by 16.4% in the third quarter. Martingale Asset Management L P now owns 36,791 shares of the oil and gas producer’s stock worth $598,000 after acquiring an additional 5,197 shares during the last quarter. Finally, Cerity Partners LLC lifted its position in shares of Genie Energy by 118.5% in the third quarter. Cerity Partners LLC now owns 94,324 shares of the oil and gas producer’s stock valued at $1,533,000 after acquiring an additional 51,160 shares in the last quarter. Institutional investors and hedge funds own 49.15% of the company’s stock.

Genie Energy Company Profile

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.