Genie Energy Ltd. (NYSE:GNE) Announces Quarterly Earnings Results
Genie Energy Ltd. (NYSE:GNE) posted its earnings results on Thursday. The oil and gas producer reported ($0.50) EPS for the quarter, Bloomberg Earnings reports. The firm had revenue of $52.21 million during the quarter. Genie Energy had a negative net margin of 18.10% and a negative return on equity of 24.53%.
Shares of Genie Energy (NYSE:GNE) traded down 3.89% during midday trading on Friday, hitting $6.17. The stock had a trading volume of 48,486 shares. The stock’s market cap is $152.25 million. The firm’s 50-day moving average price is $7.15 and its 200-day moving average price is $6.83. Genie Energy has a 1-year low of $5.07 and a 1-year high of $8.31.
Separately, TheStreet raised Genie Energy from a “d” rating to a “c-” rating in a research note on Wednesday, May 3rd.
In other Genie Energy news, Director James A. Courter sold 5,000 shares of Genie Energy stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $7.68, for a total transaction of $38,400.00. Following the completion of the sale, the director now owns 341,983 shares of the company’s stock, valued at $2,626,429.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 30,000 shares of company stock valued at $218,700. Corporate insiders own 31.00% of the company’s stock.
A number of large investors have recently modified their holdings of GNE. Bank of New York Mellon Corp raised its stake in Genie Energy by 10.2% in the second quarter. Bank of New York Mellon Corp now owns 133,822 shares of the oil and gas producer’s stock worth $1,020,000 after buying an additional 12,413 shares during the period. Rhumbline Advisers raised its stake in Genie Energy by 0.8% in the second quarter. Rhumbline Advisers now owns 16,930 shares of the oil and gas producer’s stock worth $129,000 after buying an additional 138 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Genie Energy by 2.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 30,411 shares of the oil and gas producer’s stock worth $232,000 after buying an additional 700 shares during the period. Eagle Global Advisors LLC bought a new stake in Genie Energy during the second quarter worth $111,000. Finally, Strs Ohio bought a new stake in Genie Energy during the second quarter worth $187,000. 18.54% of the stock is owned by hedge funds and other institutional investors.
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About Genie Energy
Genie Energy Ltd. (Genie) owns interest in its subsidiary, Genie Energy International Corporation, which owns Genie Retail Energy and Genie Oil and Gas, Inc The Company operates through three segments: Genie Retail Energy (GRE), Afek Oil and Gas, Ltd. (Afek), and Genie Oil and Gas (GOGAS). The GRE segment operates retail energy providers (REPs), including IDT Energy, Inc and Residents Energy, Inc, and energy brokerage and marketing services.
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