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

GE Vernova Inc. (NYSE:GEV)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $284.21, but opened at $301.58. GE Vernova shares last traded at $298.08, with a volume of 1,021,673 shares trading hands.

Wall Street Analysts Forecast Growth

GEV has been the subject of a number of research reports. Morgan Stanley upped 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. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. BMO Capital Markets cut their price objective on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Marathon Capitl raised shares of GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Finally, The Goldman Sachs Group increased their target price on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Seven research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and a consensus target price of $349.02.

GE Vernova Stock Performance

The company has a market cap of $83.62 billion and a price-to-earnings ratio of 54.26. The company’s fifty day moving average is $357.93 and its two-hundred day moving average is $311.88.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova declared that its Board of Directors has initiated a share buyback plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

Several hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its holdings in GE Vernova by 3.4% during the fourth quarter. FMR LLC now owns 24,861,833 shares of the company’s stock worth $8,177,803,000 after buying an additional 814,155 shares in the last quarter. Capital International Investors raised its position in shares of GE Vernova by 25.3% in the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock worth $4,886,164,000 after acquiring an additional 2,994,660 shares during the period. State Street Corp boosted its stake in shares of GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after acquiring an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC acquired a new stake in shares of GE Vernova during the 3rd quarter valued at about $2,507,296,000. Finally, Geode Capital Management LLC increased its stake in shares of GE Vernova by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after purchasing an additional 195,828 shares in the last quarter.

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.