KLP Kapitalforvaltning AS Trims Stock Holdings in Genie Energy Ltd. (NYSE:GNE)

KLP Kapitalforvaltning AS lowered its holdings in Genie Energy Ltd. (NYSE:GNE) by 24.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,300 shares of the oil and gas producer’s stock after selling 4,700 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.05% of Genie Energy worth $215,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Legal & General Group Plc grew its stake in Genie Energy by 7.7% in the 4th quarter. Legal & General Group Plc now owns 19,166 shares of the oil and gas producer’s stock valued at $299,000 after buying an additional 1,375 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Genie Energy by 4.9% in the fourth quarter. American Century Companies Inc. now owns 33,752 shares of the oil and gas producer’s stock worth $526,000 after acquiring an additional 1,566 shares during the period. Wells Fargo & Company MN grew its position in shares of Genie Energy by 28.2% in the fourth quarter. Wells Fargo & Company MN now owns 7,725 shares of the oil and gas producer’s stock valued at $120,000 after purchasing an additional 1,699 shares in the last quarter. Barclays PLC raised its stake in shares of Genie Energy by 12.8% during the 4th quarter. Barclays PLC now owns 23,247 shares of the oil and gas producer’s stock valued at $363,000 after purchasing an additional 2,630 shares during the period. Finally, Significant Wealth Partners LLC raised its stake in shares of Genie Energy by 20.6% during the 1st quarter. Significant Wealth Partners LLC now owns 15,668 shares of the oil and gas producer’s stock valued at $236,000 after purchasing an additional 2,675 shares during the period. 49.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Genie Energy

In related news, Director Allan Sass sold 2,920 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $17.72, for a total transaction of $51,742.40. Following the completion of the transaction, the director directly owned 38,690 shares in the company, valued at $685,586.80. The trade was a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 17.40% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Genie Energy from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 7th.

Genie Energy Price Performance

GNE stock opened at $20.25 on Friday. The firm has a 50 day moving average of $23.01 and a 200-day moving average of $17.82. The firm has a market capitalization of $543.58 million, a P/E ratio of 144.61 and a beta of 0.19. Genie Energy Ltd. has a 12 month low of $13.05 and a 12 month high of $28.47. The company has a current ratio of 2.03, a quick ratio of 1.92 and a debt-to-equity ratio of 0.04.

Genie Energy (NYSE:GNE) last posted its earnings results on Tuesday, May 6th. The oil and gas producer reported $0.42 earnings per share (EPS) for the quarter. Genie Energy had a net margin of 3.41% and a return on equity of 10.16%. The business had revenue of $136.81 million for the quarter.

Genie Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.30 annualized dividend and a yield of 1.5%. Genie Energy’s dividend payout ratio (DPR) is currently 214.29%.

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.