GE Vernova (NYSE:GEV) Stock Price Down 3.2% – Here’s What Happened

Shares of GE Vernova Inc. (NYSE:GEV) dropped 3.2% on Thursday . The stock traded as low as $791.09 and last traded at $814.71. Approximately 3,200,932 shares were traded during trading, an increase of 7% from the average daily volume of 2,984,687 shares. The stock had previously closed at $841.27.

Analyst Upgrades and Downgrades

GEV has been the subject of several research analyst reports. Erste Group Bank began coverage on GE Vernova in a research note on Thursday. They set a “buy” rating for the company. Susquehanna lifted their price target on shares of GE Vernova from $800.00 to $820.00 and gave the company a “positive” rating in a research note on Thursday, January 29th. Wall Street Zen raised shares of GE Vernova from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Bank of America upped their price objective on shares of GE Vernova from $725.00 to $804.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Finally, Mizuho set a $714.00 price objective on shares of GE Vernova in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $805.25.

GE Vernova Price Performance

The stock’s fifty day moving average price is $743.08 and its 200-day moving average price is $655.74. The firm has a market cap of $212.93 billion, a PE ratio of 44.38, a price-to-earnings-growth ratio of 3.24 and a beta of 1.45.

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

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 17th will be given a $0.50 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. GE Vernova’s payout ratio is currently 11.24%.

Hedge Funds Weigh In On GE Vernova

Several large investors have recently made changes to their positions in GEV. Jackson Grant Investment Advisers Inc. increased its position in shares of GE Vernova by 344.4% during the third quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock worth $25,000 after acquiring an additional 31 shares during the period. Cornerstone Financial Management LLC purchased a new position in GE Vernova in the fourth quarter valued at $25,000. Wealth Watch Advisors INC acquired a new position in GE Vernova during the 3rd quarter worth $25,000. Torren Management LLC acquired a new position in GE Vernova during the 4th quarter worth $26,000. Finally, ORG Wealth Partners LLC increased its holdings in GE Vernova by 241.7% during the 4th quarter. ORG Wealth Partners LLC now owns 41 shares of the company’s stock worth $27,000 after purchasing an additional 29 shares during the period.

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.