StockNews.com Initiates Coverage on Genie Energy (NYSE:GNE)

StockNews.com assumed coverage on shares of Genie Energy (NYSE:GNE – Get Rating) in a research note issued on Wednesday. The firm set a “hold” rating on the oil and gas producer’s stock.

Shares of GNE opened at $6.76 on Wednesday. The firm’s 50 day moving average is $6.52. Genie Energy has a 1 year low of $4.74 and a 1 year high of $7.22. The stock has a market cap of $177.17 million, a price-to-earnings ratio of 6.04 and a beta of 0.41.

Genie Energy (NYSE:GNE – Get Rating) last announced its quarterly earnings results on Thursday, March 10th. The oil and gas producer reported $0.11 earnings per share for the quarter. Genie Energy had a net margin of 7.03% and a return on equity of 5.62%. The company had revenue of $84.70 million for the quarter.

Several institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Genie Energy by 4.7% during the third quarter. Geode Capital Management LLC now owns 178,450 shares of the oil and gas producer’s stock valued at $1,165,000 after buying an additional 8,032 shares during the last quarter. Advisor Group Holdings Inc. increased its holdings in shares of Genie Energy by 280.0% during the third quarter. Advisor Group Holdings Inc. now owns 13,300 shares of the oil and gas producer’s stock valued at $87,000 after acquiring an additional 9,800 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new position in shares of Genie Energy during the fourth quarter valued at about $73,000. BlackRock Inc. increased its holdings in shares of Genie Energy by 4.4% during the fourth quarter. BlackRock Inc. now owns 393,161 shares of the oil and gas producer’s stock valued at $2,190,000 after acquiring an additional 16,390 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new position in shares of Genie Energy during the third quarter valued at about $118,000. 23.10% of the stock is owned by hedge funds and other institutional investors.

Genie Energy Company Profile (Get Rating)

Genie Energy Ltd., through its subsidiaries, supplies electricity and natural gas to residential and small business customers in the United States, Finland, Sweden, Japan, and internationally. It operates in three segments: Genie Retail Energy (GRE); GRE International; and Genie Renewables. The company also engages in the provision of energy advisory and brokerage services; solar panel manufacturing and distribution; solar installation design; and project management activities.

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