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Genie Energy (GNE)
Earnings Miss Causes 30% Decline In Stock
Genie Energy Ltd through its subsidiaries operates as a retail energy provider; and an oil and gas exploration company. It operates through three segments: Genie Retail Energy; Afek Oil and Gas, Ltd.; and Genie Oil and Gas. The company resells electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States and offers energy brokerage and advisory services.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- What went wrong? Genie reported $(0.29) vs $(0.09) and our $0.09 est. Adjusted EBITDA was $(9.1) million vs $(1.6) million. Shortfall can be attributed to Retail Energy top line which reported Gross Profit of $8.2 million vs $15.8 million.
- Why were Energy Service results down? Mild weather meant lower usage and a charge for hedging more supply than needed. Customers switching to....
This Company Sponsored 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.