GE Vernova (NYSE:GEV) Shares Down 2.6% on Analyst Downgrade

GE Vernova Inc. (NYSE:GEV)’s share price dropped 2.6% on Thursday after Seaport Res Ptn downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $681.20 and last traded at $704.31. Approximately 4,738,050 shares changed hands during mid-day trading, an increase of 39% from the average daily volume of 3,404,909 shares. The stock had previously closed at $723.00.

GEV has been the topic of a number of other research reports. Bank of America lifted their target price on GE Vernova from $725.00 to $804.00 and gave the company a “buy” rating in a research report on Wednesday. Wolfe Research upgraded shares of GE Vernova from a “peer perform” rating to a “buy” rating in a report on Wednesday. Barclays upped their target price on shares of GE Vernova from $710.00 to $720.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. TD Cowen dropped their price objective on GE Vernova from $685.00 to $680.00 and set a “buy” rating on the stock in a report on Thursday, October 23rd. Finally, Glj Research upped their price objective on shares of GE Vernova from $702.00 to $758.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $654.54.

Hedge Funds Weigh In On GE Vernova

A number of large investors have recently modified their holdings of the company. Jackson Grant Investment Advisers Inc. boosted its position in GE Vernova by 344.4% in the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock valued at $25,000 after buying an additional 31 shares during the last quarter. Wealth Watch Advisors INC acquired a new stake in GE Vernova in the third quarter worth $25,000. Bay Harbor Wealth Management LLC boosted its stake in GE Vernova by 537.5% during the 3rd quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company’s stock valued at $31,000 after purchasing an additional 43 shares during the period. Elevation Wealth Partners LLC increased its position in GE Vernova by 47.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 53 shares of the company’s stock valued at $33,000 after acquiring an additional 17 shares during the period. Finally, Deseret Mutual Benefit Administrators grew its position in GE Vernova by 112.0% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 53 shares of the company’s stock valued at $33,000 after buying an additional 28 shares in the last quarter.

GE Vernova Price Performance

The company has a fifty day moving average of $597.06 and a 200 day moving average of $582.05. The stock has a market cap of $182.41 billion, a P/E ratio of 109.50, a PEG ratio of 5.28 and a beta of 1.71.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, October 22nd. The company reported $1.64 earnings per share 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 analyst estimates of $9.15 billion. GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.35) EPS. As a group, analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 5th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.3%. The ex-dividend date is Monday, January 5th. This is a positive change from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s dividend payout ratio is presently 32.57%.

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.