GE Vernova (NYSE:GEV) Announces Quarterly Earnings Results, Misses Estimates By $0.17 EPS

GE Vernova (NYSE:GEV) released its earnings results on Thursday. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.17), reports. The business had revenue of $7.26 billion during the quarter, compared to the consensus estimate of $7.56 billion. GE Vernova updated its FY 2024 guidance to EPS.

GE Vernova Stock Performance

Shares of GEV stock opened at $153.07 on Friday. GE Vernova has a one year low of $115.00 and a one year high of $157.25.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GEV. Royal Bank of Canada reaffirmed an “outperform” rating and set a $160.00 target price on shares of GE Vernova in a research note on Friday, April 12th. The Goldman Sachs Group assumed coverage on GE Vernova in a report on Tuesday, April 16th. They issued a “buy” rating and a $154.00 target price for the company. BNP Paribas assumed coverage on GE Vernova in a research report on Wednesday, April 17th. They set an “outperform” rating and a $177.00 price objective for the company. Bank of America assumed coverage on GE Vernova in a research note on Wednesday. They issued a “neutral” rating and a $150.00 price target on the stock. Finally, Melius started coverage on GE Vernova in a research report on Monday, April 22nd. They set a “hold” rating and a $147.00 price objective for the company. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $157.44.

Institutional Investors Weigh In On GE Vernova

Several institutional investors and hedge funds have recently bought and sold shares of the business. Anderson Hoagland & Co. acquired a new stake in shares of GE Vernova during the 1st quarter valued at about $1,720,000. Maryland State Retirement & Pension System acquired a new position in GE Vernova in the first quarter worth about $2,892,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in GE Vernova during the first quarter worth about $478,000. Finally, Valeo Financial Advisors LLC acquired a new stake in GE Vernova during the first quarter valued at approximately $673,000.

About GE Vernova

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.