GE Vernova (NYSE:GEV) Shares Up 1.9% – Time to Buy?

GE Vernova Inc. (NYSE:GEV)’s stock price traded up 1.9% during mid-day trading on Tuesday . The stock traded as high as $659.17 and last traded at $651.6370. 2,065,259 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 2,823,397 shares. The stock had previously closed at $639.77.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GEV shares. Evercore ISI started coverage on GE Vernova in a research report on Monday, December 15th. They set an “outperform” rating and a $860.00 target price on the stock. Glj Research lifted their price objective on shares of GE Vernova from $758.00 to $1,087.00 and gave the stock a “buy” rating in a research note on Monday. Mizuho cut their price objective on shares of GE Vernova from $677.00 to $660.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. Wolfe Research upgraded shares of GE Vernova from a “peer perform” rating to a “buy” rating in a report on Wednesday, December 10th. Finally, Redburn Partners set a $475.00 price target on shares of GE Vernova in a research note on Wednesday, October 15th. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $703.04.

GE Vernova Price Performance

The firm has a market capitalization of $176.80 billion, a P/E ratio of 106.13, a P/E/G ratio of 2.61 and a beta of 1.67. The firm has a 50-day moving average price of $621.72 and a two-hundred day moving average price of $608.79.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, October 22nd. The company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.08). The company had revenue of $9.97 billion during the quarter, compared to the consensus estimate of $9.15 billion. GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.GE Vernova’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.35) earnings per share. Sell-side analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 5th will be issued a $0.50 dividend. This is an increase from GE Vernova’s previous quarterly dividend of $0.25. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, January 5th. GE Vernova’s dividend payout ratio is 32.57%.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GEV. Vanguard Group Inc. raised its stake in shares of GE Vernova by 0.6% in the third quarter. Vanguard Group Inc. now owns 24,815,463 shares of the company’s stock worth $15,259,028,000 after purchasing an additional 150,892 shares during the last quarter. State Street Corp increased its holdings in GE Vernova by 1.3% in the 3rd quarter. State Street Corp now owns 11,238,278 shares of the company’s stock worth $6,910,417,000 after buying an additional 140,500 shares during the period. Geode Capital Management LLC increased its holdings in GE Vernova by 2.2% in the 2nd quarter. Geode Capital Management LLC now owns 6,108,484 shares of the company’s stock worth $3,221,404,000 after buying an additional 129,315 shares during the period. Norges Bank acquired a new stake in GE Vernova during the 2nd quarter valued at approximately $1,809,220,000. Finally, Northern Trust Corp boosted its holdings in shares of GE Vernova by 1.8% in the 3rd quarter. Northern Trust Corp now owns 2,877,458 shares of the company’s stock valued at $1,769,349,000 after acquiring an additional 51,738 shares during the last quarter.

About GE Vernova

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.