GE Vernova (NYSE:GEV) Trading Up 2% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s share price shot up 2% during trading on Thursday . The stock traded as high as $837.40 and last traded at $833.5420. 1,638,597 shares changed hands during trading, a decline of 48% from the average session volume of 3,161,412 shares. The stock had previously closed at $817.55.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on GEV shares. Citigroup increased their target price on GE Vernova from $708.00 to $779.00 and gave the stock a “neutral” rating in a research note on Thursday, January 29th. China Renaissance upgraded GE Vernova to a “strong-buy” rating in a research report on Thursday, January 29th. Bank of America lifted their price objective on GE Vernova from $725.00 to $804.00 and gave the stock a “buy” rating in a research note on Wednesday, December 10th. Evercore boosted their target price on GE Vernova from $860.00 to $905.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $817.00 price target on shares of GE Vernova in a report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, GE Vernova presently has an average rating of “Moderate Buy” and a consensus price target of $788.24.

GE Vernova Price Performance

The stock has a market cap of $224.66 billion, a price-to-earnings ratio of 46.83, a P/E/G ratio of 3.26 and a beta of 1.67. The company’s fifty day moving average price is $699.24 and its 200-day moving average price is $638.78.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, January 28th. The company reported $13.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.99 by $10.40. The firm had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $10.21 billion. GE Vernova had a return on equity of 46.91% and a net margin of 12.83%.The firm’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.73 EPS. On average, sell-side analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. GE Vernova’s dividend payout ratio (DPR) is currently 11.24%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jackson Grant Investment Advisers Inc. lifted its holdings in GE Vernova by 344.4% in the third quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock valued at $25,000 after acquiring an additional 31 shares during the period. Cornerstone Financial Management LLC purchased a new position in shares of GE Vernova during the 4th quarter valued at approximately $25,000. Wealth Watch Advisors INC acquired a new position in shares of GE Vernova in the 3rd quarter valued at $25,000. Torren Management LLC purchased a new stake in GE Vernova during the fourth quarter worth $26,000. Finally, ORG Wealth Partners LLC grew its position in GE Vernova by 241.7% during the fourth quarter. ORG Wealth Partners LLC now owns 41 shares of the company’s stock valued at $27,000 after buying an additional 29 shares during the period.

GE Vernova Company Profile

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.