GE Vernova (NYSE:GEV) Shares Up 1.3% – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares were up 1.3% during trading on Tuesday . The company traded as high as $373.64 and last traded at $372.50. Approximately 669,056 shares changed hands during trading, a decline of 82% from the average daily volume of 3,637,325 shares. The stock had previously closed at $367.59.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. The Goldman Sachs Group boosted their target price on GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Royal Bank of Canada reissued an “outperform” rating and set a $453.00 price objective on shares of GE Vernova in a report on Tuesday, January 28th. Wells Fargo & Company boosted their price target on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Johnson Rice began coverage on shares of GE Vernova in a research report on Friday, February 7th. They set a “buy” rating and a $425.00 price objective on the stock. Finally, Robert W. Baird began coverage on shares of GE Vernova in a research report on Thursday, February 13th. They issued an “outperform” rating and a $448.00 target price for the company. Eight investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $350.13.

GE Vernova Stock Down 4.2 %

The company’s fifty day simple moving average is $363.90 and its 200 day simple moving average is $297.73. The firm has a market capitalization of $99.21 billion and a PE ratio of 64.67.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova’s quarterly revenue was up 5.1% on a year-over-year basis. Equities research analysts forecast 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. Investors of record on Friday, December 20th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.28%. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

GE Vernova declared that its Board of Directors has authorized a stock repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

Several large investors have recently made changes to their positions in the business. Cedar Mountain Advisors LLC raised its position in shares of GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying an additional 39 shares during the last quarter. MRP Capital Investments LLC bought a new stake in GE Vernova in the 4th quarter valued at $25,000. Fairway Wealth LLC increased its holdings in GE Vernova by 220.0% in the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after acquiring an additional 55 shares during the last quarter. Pineridge Advisors LLC lifted its stake in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after purchasing an additional 69 shares in the last quarter. Finally, Navigoe LLC purchased a new position in shares of GE Vernova during the fourth quarter valued at about $27,000.

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.