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Genie Energy Ltd - GNE STOCK NEWS

Welcome to our dedicated news page for Genie Energy (Ticker: GNE), a resource for investors and traders seeking the latest updates and insights on Genie Energy.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Genie Energy's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Genie Energy's position in the market.

News
Sunlight Energy Investments Acquires an Additional Solar Project
Rhea-AI Summary
Sunlight Energy Investments, a subsidiary of Genie Energy (NYSE: GNE), acquires a late-stage solar development project in Hamilton, Indiana, to supply power to local schools through fixed-price solar agreements. The company aims to expand its solar portfolio backed by Genie Energy's financial strength.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-6.58%
Tags
acquisition
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News
Genie Energy Announces Fourth Quarter and Full Year 2023 Results
Rhea-AI Summary
Genie Energy, Ltd. (GNE) reported record fourth-quarter and full-year revenue for 2023, with adjusted EBITDA exceeding prior guidance. Cash and marketable securities increased by 55% to $163.4 million with no debt outstanding. The company saw growth in customer acquisition mode, leading to an increase in baseline adjusted EBITDA. However, the fourth quarter showed a decrease in gross profit and adjusted EBITDA due to increased investment in customer acquisitions. The full year highlighted an increase in revenue but a decrease in gross profit and adjusted EBITDA compared to the previous year. Genie Energy's Genie Renewables division showed growth, with acquisitions and progress in the development portfolio. The company aims for continued growth in 2024, with a focus on cash generation, growth opportunities, and dividend payments.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-9.4%
Tags
earnings
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News
Genie Energy to Report Fourth Quarter and Full Year 2023 Results
Rhea-AI Summary
Genie Energy Ltd. (GNE) will announce financial and operational results for Q4 and full year 2023 on March 11, 2024. The earnings release will be posted on the company's website and discussed in a conference call.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.29%
Tags
conferences earnings
News
Genie Energy Unveils Insurance Strategy 
Rhea-AI Summary
Genie Energy, Ltd. (NYSE: GNE) announced an expansion of its consumer product portfolio and the formation of a captive self-insurance subsidiary to enhance the Company’s risk management strategy. The company aims to create incremental shareholder value by leveraging its large retail customer base and expanding into insurance-related businesses. Genie paid its captive entity $51 million in premiums for insurance coverage in the fourth quarter of 2023, resulting in a one-time, non-recurring, non-cash charge of approximately $45 million as an insurance loss reserve. Despite the initial impacts on the 2023 GAAP results, the company expects this charge to not impact its Adjusted EBITDA results for the fourth quarter or full year 2023.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.36%
Tags
none
-
News
Genie Energy Announces Participation in The Microcap Conference
Rhea-AI Summary
Genie Energy (NYSE: GNE) will be participating in The Microcap Conference on January 30, 31, and February 1, 2024 at Caesars Atlantic City Hotel & Casino in Atlantic City, NJ. Avi Goldin, Chief Financial Officer, will be presenting on January 31 & February 1, 2024. Interested parties can register to attend the conference and have one-on-one meetings with the Genie Energy management team.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.1%
Tags
none
-
News
Sunlight Energy Investments Acquires Portfolio of Solar Projects
Rhea-AI Summary
Sunlight Energy Investments (GNE) acquires 9.4 MW portfolio of solar arrays, strengthening Genie Energy's renewable energy solutions. The purchase includes 12 operating solar arrays powering schools in Ohio and Michigan, covered by long-term fixed-price solar power purchase agreements. The acquisition is expected to be immediately accretive to Genie Energy's bottom line and complements their growing pipeline of solar generation projects.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.14%
Tags
acquisition
News
Genie Energy Announces Third Quarter 2023 Results
Rhea-AI Summary
Genie Energy, Ltd. announced its third-quarter results, revealing a 54% year-over-year increase in revenue to a record $125 million. The company also increased its 2023 Adjusted EBITDA guidance to $52 million to $57 million, up from the previous guidance of $47 million to $55 million. Genie Energy saw a 49% year-over-year growth in RCE and a 42% growth in meters. The company's CEO highlighted the strong performance of the domestic energy supply business and the successful addition of new retail customers.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
13.5%
Tags
earnings
-
News
Genie Energy to Report Third Quarter 2023 Results
Rhea-AI Summary
Genie Energy to announce financial and operational results for Q3 2023
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.95%
Tags
conferences earnings
-
News
Genie Energy Announces Second Quarter 2023 Results
Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
6.66%
Tags
earnings
News
Genie Solar Achieves Notice to Proceed on Community Solar Generation Project in Lansing, NY
Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.3%
Tags
none
Stock GNE logo
Genie Energy Ltd

NYSE:GNE

GNE Rankings

#3065 Ranked by Market Cap
#150 Ranked by Stock Gains
#1469 Ranked by Dividends

GNE Stock Data

420.07M
21.51M
21.65%
35.23%
2.85%
Nuclear Electric Power Generation
Utilities
Link
US
Newark

About GNE

genie energy ltd (nyse: gne) is comprised of idt energy and genie oil and gas (gogas). idt energy is a retail energy provider (rep) supplying electricity and natural gas to residential and small business customers in the northeastern united states. gogas is pioneering technologies to produce clean and affordable transportation fuels from the world's abundant oil shales and other unconventional fuel resources. gogas resource development projects include oil shale initiatives in colorado and israel..