GE Vernova (NYSE:GEV) Trading 2.6% Higher – Here’s Why

GE Vernova Inc. (NYSE:GEV) was up 2.6% during trading on Monday . The company traded as high as $837.00 and last traded at $825.9890. Approximately 2,352,087 shares traded hands during mid-day trading, a decline of 19% from the average daily volume of 2,895,492 shares. The stock had previously closed at $805.02.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GEV. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of GE Vernova in a report on Wednesday, December 10th. Citigroup raised their target price on shares of GE Vernova from $708.00 to $779.00 and gave the stock a “neutral” rating in a report on Thursday, January 29th. Wall Street Zen upgraded shares of GE Vernova from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Glj Research upped their price target on shares of GE Vernova from $758.00 to $1,087.00 and gave the company a “buy” rating in a report on Monday, January 12th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $817.00 price target on shares of GE Vernova in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $831.29.

GE Vernova Stock Up 1.5%

The stock’s 50-day simple moving average is $765.97 and its two-hundred day simple moving average is $667.09. The company has a market capitalization of $230.93 billion, a price-to-earnings ratio of 48.14, a PEG ratio of 3.29 and a beta of 1.44.

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

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 17th will be 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 is Tuesday, March 17th. GE Vernova’s payout ratio is 11.24%.

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Brighton Jones LLC raised its stake in GE Vernova by 29.4% in the 4th quarter. Brighton Jones LLC now owns 3,315 shares of the company’s stock valued at $1,091,000 after purchasing an additional 753 shares during the last quarter. Schnieders Capital Management LLC. increased its position in GE Vernova by 1.7% during the second quarter. Schnieders Capital Management LLC. now owns 1,564 shares of the company’s stock worth $828,000 after purchasing an additional 26 shares during the last quarter. Foundations Investment Advisors LLC increased its position in GE Vernova by 9.1% during the second quarter. Foundations Investment Advisors LLC now owns 2,620 shares of the company’s stock worth $1,387,000 after purchasing an additional 218 shares during the last quarter. Empower Advisory Group LLC purchased a new position in GE Vernova during the second quarter worth about $286,000. Finally, Avantax Advisory Services Inc. raised its stake in GE Vernova by 11.6% during the second quarter. Avantax Advisory Services Inc. now owns 9,155 shares of the company’s stock worth $4,844,000 after purchasing an additional 953 shares during the period.

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.