GE Vernova (NYSE:GEV) Shares Down 1.2% – Here’s What Happened

Shares of GE Vernova Inc. (NYSE:GEV) were down 1.2% on Wednesday . The stock traded as low as $1,000.25 and last traded at $1,053.3060. 2,571,064 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 2,785,964 shares. The stock had previously closed at $1,066.01.

Analyst Upgrades and Downgrades

Several research firms recently commented on GEV. Barclays raised their target price on GE Vernova from $993.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Jefferies Financial Group lowered their price target on GE Vernova from $1,350.00 to $1,210.00 and set a “buy” rating on the stock in a research report on Thursday, June 11th. Guggenheim increased their price objective on GE Vernova from $910.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. BMO Capital Markets lifted their price objective on GE Vernova from $1,110.00 to $1,250.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Finally, BNP Paribas Exane downgraded shares of GE Vernova from an “outperform” rating to a “neutral” rating and set a $1,190.00 target price on the stock. in a research note on Monday, April 27th. Three analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $1,089.88.

GE Vernova Price Performance

The company has a fifty day simple moving average of $1,037.19 and a two-hundred day simple moving average of $907.82. The stock has a market capitalization of $278.14 billion, a P/E ratio of 30.15, a PEG ratio of 3.89 and a beta of 1.09. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.95 by $15.49. The firm had revenue of $9.34 billion for the quarter, compared to analysts’ expectations of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. Sell-side analysts expect that GE Vernova Inc. will post 15.06 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova’s payout ratio is currently 5.83%.

Insider Transactions at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the completion of the transaction, the chief executive officer owned 1,835 shares in the company, valued at approximately $1,739,726.80. This represents a 72.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the completion of the sale, the chief accounting officer directly owned 3,549 shares in the company, valued at approximately $3,758,710.41. This represents a 39.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On GE Vernova

Hedge funds have recently modified their holdings of the stock. Cornerstone Financial Management LLC bought a new position in shares of GE Vernova in the fourth quarter valued at $25,000. Wealth Watch Advisors INC bought a new position in shares of GE Vernova during the 3rd quarter worth approximately $25,000. Torren Management LLC bought a new stake in GE Vernova in the 4th quarter valued at $26,000. Manning & Napier Advisors LLC boosted its position in GE Vernova by 68.4% during the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock worth $26,000 after purchasing an additional 13 shares during the period. Finally, ORG Wealth Partners LLC lifted its stake in shares of 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 buying an additional 29 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.