Genie Energy (GNE) will raise its quarterly dividend by 13.3 percent to $0.085 per share in 2020. This follows a 25 percent dividend hike in 2017.

The next dividend will be paid on or about May 29, 2020 to shareholders of record on May 19, 2020. A new annualize dividend rate of 34 cents per share yields 4.3% at a stock price of $7.95.

In the company's press release reporting first quarter 2020 results Michael Stein, CEO commented: "We are working hard to calibrate our operations to address the challenges of the pandemic and have achieved success in the early stages.  Our outlook remains positive.  With our diversified markets, liquid balance sheet and very low level of long-term debt, we are positioned to build on the first quarter's terrific momentum.  In light of the resilience of our business and these underlying strengths, Genie's Board of Directors has increased our quarterly dividend 13% to $0.085 per share."

Genie Energy Ltd. operates two primary businesses. Genie Retail Energy’s retail energy provider businesses market electricity and natural gas to residential and small business customers primarily in the Eastern United States. Genie Oil and Gas is conducting an oil and gas exploration project in Northern Israel. The company has paid a dividend to shareholders every year since 2012.