GE Vernova (NYSE:GEV) Stock Price Down 1% – Here’s Why

GE Vernova Inc. (NYSE:GEV)’s stock price was down 1% during trading on Friday . The stock traded as low as $963.54 and last traded at $990.15. Approximately 2,229,272 shares changed hands during trading, a decline of 20% from the average daily volume of 2,800,596 shares. The stock had previously closed at $1,000.30.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on GEV shares. The Goldman Sachs Group restated a “buy” rating and issued a $1,328.00 target price on shares of GE Vernova in a research note on Friday, April 24th. Royal Bank Of Canada lifted their target price on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price objective on GE Vernova from $1,302.00 to $1,330.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Oppenheimer upped their price objective on shares of GE Vernova from $1,303.00 to $1,338.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of GE Vernova in a research note on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and an average target price of $1,133.15.

GE Vernova Stock Performance

The stock has a market capitalization of $263.71 billion, a P/E ratio of 28.34, a PEG ratio of 3.63 and a beta of 1.21. The business has a 50-day moving average price of $1,026.19 and a 200 day moving average price of $944.87. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The company had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.79 billion. During the same quarter in the previous year, the business earned $1.86 earnings per share. GE Vernova’s revenue was up 21.9% compared to the same quarter last year. As a group, sell-side analysts forecast that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.2%. The ex-dividend date was Tuesday, June 16th. GE Vernova’s dividend payout ratio (DPR) is currently 5.72%.

Insider Buying and Selling at GE Vernova

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

Institutional Trading of GE Vernova

Large investors have recently added to or reduced their stakes in the business. Auto Owners Insurance Co increased its stake in shares of GE Vernova by 110,973.4% in the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock worth $2,278,224,000 after purchasing an additional 34,826,773 shares in the last quarter. BlackRock Inc. purchased a new position in GE Vernova during the second quarter valued at approximately $25,569,630,000. Norges Bank purchased a new position in shares of GE Vernova during the 4th quarter valued at $2,283,114,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of GE Vernova by 5,171.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company’s stock valued at $1,603,114,000 after buying an additional 2,406,326 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of GE Vernova during the second quarter worth about $2,497,472,000.

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.