GE Vernova (NYSE:GEV) Shares Up 3.5% – Here’s Why

Shares of GE Vernova Inc. (NYSE:GEV) were up 3.5% on Friday . The stock traded as high as $962.21 and last traded at $956.3150. Approximately 1,174,013 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 2,682,647 shares. The stock had previously closed at $923.91.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. upped their target price 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. Weiss Ratings reissued a “buy (b)” rating on shares of GE Vernova in a research note on Tuesday, July 21st. BMO Capital Markets restated an “outperform” rating on shares of GE Vernova in a report on Friday, August 7th. Morgan Stanley downgraded shares of GE Vernova from an “overweight” rating to an “underweight” rating in a research report on Monday, August 3rd. Finally, Mizuho lifted their price objective on shares of GE Vernova from $913.00 to $949.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,154.28.

GE Vernova Stock Performance

The stock has a market cap of $254.70 billion, a P/E ratio of 27.37, a P/E/G ratio of 4.42 and a beta of 1.15. The company has a fifty day moving average price of $1,002.29 and a 200 day moving average price of $983.03. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The firm had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. During the same period in the previous year, the company earned $1.86 earnings per share. GE Vernova’s revenue for the quarter was up 21.9% compared to the same quarter last year. On average, equities analysts expect that GE Vernova Inc. will post 15.36 EPS for the current year.

Institutional Trading of GE Vernova

Institutional investors and hedge funds have recently modified their holdings of the stock. Cornerstone Financial Management LLC purchased a new position in shares of GE Vernova during the fourth quarter valued at approximately $25,000. Wealth Watch Advisors INC purchased a new stake in GE Vernova in the 3rd quarter valued at $25,000. Manning & Napier Advisors LLC lifted its stake in GE Vernova by 68.4% during the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock valued at $26,000 after acquiring an additional 13 shares in the last quarter. Navalign LLC bought a new position in GE Vernova during the 4th quarter valued at $27,000. Finally, Commonwealth Retirement Investments LLC purchased a new position in GE Vernova during the 4th quarter worth $30,000.

GE Vernova Company Profile

GE Vernova Inc (NYSE: GEV) is an energy technology company that provides equipment, software and services for electricity generation, transmission and distribution. Its portfolio is designed to support power systems across a range of energy sources, including natural gas, nuclear, hydroelectric, wind and solar power, as well as battery storage.

The company operates through three primary businesses: Power, Wind and Electrification. Power supplies gas and steam turbines, generators, nuclear power technologies, hydroelectric equipment and related maintenance services.