GE Vernova (NYSE:GEV) Shares Up 0.2% – Here’s Why

GE Vernova Inc. (NYSE:GEV)’s stock price rose 0.2% during mid-day trading on Wednesday . The stock traded as high as $373.98 and last traded at $373.55. Approximately 629,285 shares changed hands during trading, a decline of 83% from the average daily volume of 3,785,879 shares. The stock had previously closed at $372.90.

Analyst Ratings Changes

A number of research firms recently issued reports on GEV. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Royal Bank of Canada reissued an “outperform” rating and issued a $453.00 price target on shares of GE Vernova in a report on Tuesday, January 28th. TD Cowen initiated coverage on GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price on the stock. Jefferies Financial Group raised their price target on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Morgan Stanley increased their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and an average target price of $346.22.

GE Vernova Stock Up 0.1 %

The stock has a 50-day moving average of $360.36 and a 200 day moving average of $290.17. The stock has a market cap of $102.87 billion and a PE ratio of 67.12.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. Research analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

GE Vernova declared that its board has approved a stock repurchase program on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. FMR LLC increased its position in GE Vernova by 2.5% during the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after buying an additional 584,208 shares during the period. State Street Corp raised its position in GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC purchased a new position in GE Vernova during the 3rd quarter worth $2,507,296,000. Geode Capital Management LLC increased its stake in GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after purchasing an additional 80,479 shares during the period. Finally, Norges Bank acquired a new stake in shares of GE Vernova during the fourth quarter worth about $1,109,720,000.

GE Vernova Company Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.