GE Vernova (NYSE:GEV) Stock Price Up 1.8% – Here’s Why

Shares of GE Vernova Inc. (NYSE:GEV) traded up 1.8% during mid-day trading on Monday . The company traded as high as $1,099.66 and last traded at $1,082.30. 2,025,064 shares were traded during trading, a decline of 27% from the average daily volume of 2,760,125 shares. The stock had previously closed at $1,063.25.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GEV. The Goldman Sachs Group restated a “buy” rating and issued a $1,328.00 price target on shares of GE Vernova in a report on Friday, April 24th. Robert W. Baird lifted their target price on GE Vernova from $1,008.00 to $1,400.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Weiss Ratings restated a “buy (b)” rating on shares of GE Vernova in a research note on Tuesday, July 21st. Jefferies Financial Group reaffirmed a “buy” rating on shares of GE Vernova in a research report on Monday, July 27th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of GE Vernova in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, GE Vernova presently has an average rating of “Moderate Buy” and an average price target of $1,133.15.

GE Vernova Stock Up 1.8%

The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. The firm has a 50-day moving average of $1,034.05 and a 200 day moving average of $959.81. The stock has a market capitalization of $288.25 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 3.79 and a beta of 1.21.

GE Vernova (NYSE:GEV) last posted 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 return on equity of 42.42% and a net margin of 23.03%.The company had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. During the same period last year, the firm earned $1.86 EPS. The firm’s revenue for the quarter 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 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Tuesday, June 16th. GE Vernova’s payout ratio is presently 5.72%.

Insider Buying and Selling

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the stock in a transaction 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 in the company, valued at $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.21% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GE Vernova

Several hedge funds have recently bought and sold shares of GEV. Cornerstone Financial Management LLC acquired a new stake in shares of GE Vernova in the fourth quarter valued at approximately $25,000. Wealth Watch Advisors INC acquired 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 raised its stake in GE Vernova by 68.4% in 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 during the period. Finally, Navalign LLC bought a new stake in GE Vernova in the 4th quarter valued at $27,000.

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.