GE Vernova (NYSE:GEV) Shares Down 5.5% – What’s Next?

GE Vernova Inc. (NYSE:GEV) dropped 5.5% during mid-day trading on Friday . The company traded as low as $338.87 and last traded at $339.88. Approximately 1,458,915 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 3,553,197 shares. The stock had previously closed at $359.68.

Wall Street Analysts Forecast Growth

GEV has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their price target on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Jefferies Financial Group increased 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. TD Cowen initiated coverage on shares of GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target for the company. Morgan Stanley increased their price target on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Barclays increased their price target on shares of GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Eight investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $350.13.

GE Vernova Price Performance

The firm’s 50 day moving average price is $364.41 and its 200-day moving average price is $300.25. The firm has a market cap of $90.41 billion and a price-to-earnings ratio of 58.93.

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

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were paid a $0.25 dividend. The ex-dividend date was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.31%. GE Vernova’s payout ratio is 17.99%.

GE Vernova announced that its Board of Directors has initiated a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently modified their holdings of the stock. MRP Capital Investments LLC bought a new position in GE Vernova in the fourth quarter worth $25,000. Cedar Mountain Advisors LLC lifted its position in GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after purchasing an additional 39 shares during the period. Fairway Wealth LLC lifted its position in GE Vernova by 220.0% in the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock worth $26,000 after purchasing an additional 55 shares during the period. Pineridge Advisors LLC lifted its position in GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after purchasing an additional 69 shares during the period. Finally, Navigoe LLC bought a new position in GE Vernova in the fourth quarter worth $27,000.

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.