This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Genie Energy To Pay Quarterly Dividend Board Authorizes $20 Million Stock Repurchase

Stocks in this article: GNE

Genie Energy Ltd., (NYSE: GNE) today announced a quarterly dividend of $0.05 per share of common stock, and said that its Board of Directors has authorized the repurchase of up to $20 million of its Class B common stock.

“Genie Energy has a strong balance sheet with ample resources to exploit exciting growth opportunities at both its retail energy business and unconventional fuels initiatives,” said Genie Energy’s Chairman, Howard Jonas.

“Results from the first quarter fiscal 2012 confirmed the cash generation power of our retail energy business, and Genie’s Board concluded that, with the cash on hand and the strength of the retail energy business, a moderate quarterly dividend was appropriate. In addition, the Board provided the Company with the flexibility to repurchase stock as warranted by the Company’s position and market conditions,” Mr. Jonas added.

The first quarterly dividend will be paid on January 5, 2012 to shareholders of record of Genie Energy Ltd. Class A and Class B common stock as of the close of business on December 22, 2011. The ex-dividend date is December 20, 2011.

"Genie Energy's Board is committed to continue paying dividends commensurate with the Company’s financial results, available resources and strategic goals," Mr. Jonas said.

Under the stock repurchase program, Genie Energy may expend up to $20 million to purchase outstanding shares of its Class B common stock depending upon share prices, prevailing economic and market conditions and corporate considerations. The stock repurchases may be made on the open market, in block trades or privately negotiated transactions, or otherwise. The repurchase program may be accelerated, suspended, delayed or discontinued at any time.

Any repurchases would be paid from the Company’s cash. As of October 31, 2011, Genie Energy reported $92.3 million in cash, $137.3 million in current assets including cash and an $11.9 million receivable due from IDT Corporation (NYSE: IDT), $21.4 million in current liabilities, and no long term debt.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs