Genie Energy: Sinks on flagging losses from Texas storm, suspending dividend
11/03/2021 16:09
** Shares in multiline utilities co GNE.N down 9.4% at
$6.81, hitting their lowest since April last year
** GNE says costs incurred in connection with the severe
winter storm currently place Q1 loss in Texas at about $12.8 mln
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** In light of the losses incurred from the unprecedented
storm, co is working to de-risk business and narrow strategic
focus - GNE
** Says it will undertake a strategic evaluation of
international investment businesses, and has suspended dividend
as part of its efforts to rebuild cash position
** Separately co says, during the fourth quarter, it
concluded its oil and gas exploration program after finding no
light oil in last well tests
** Though disappointing, the result allows us to focus more
tightly on our retail energy supply business - GNE
** Stock down ~5% YTD
(Reporting by Arundhati Sarkar in Bengaluru)
((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))