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Genie Energy Ltd. (GNE)
Boring quarter welcomed after rough 2Q
Genie Energy Ltd, through its subsidiaries, operates as a retail energy provider; and an oil and gas exploration company. Its segments are Genie Retail Energy (GRE) which is the key revenue generator, Genie Energy Services (GES), and Genie Oil and Gas (GOGAS). GRE owns and operates retail energy providers (REPs), including IDT Energy, Residents Energy, Town Square Energy, and Mirabito. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States. GES designs, manufactures and distributes solar panels and also offers energy brokerage and advisory services. GOGAS is an oil and gas exploration company that owns an interest in a contracted drilling services operation and interest in Afek Oil and Gas (Afek).
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- GNE reported 2019-3Q EPS of $0.18 and adjusted EBITDA of $8.0 million, in line with our $0.17 and $8.6 million estimates. A solid quarter for the company supports claims that disappointing 2Q results were largely weather related.
- Investing for the future. GNE's expansion into the Texas market this summer and Japan in January should pay dividends in 2020 and beyond. Global meters rose to 492,000 from 448,000. International adjusted EBITDA was ($1.6) million versus...
This Company Sponored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.