GE Vernova (NYSE:GEV) Trading Up 3.2% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) shares were up 3.2% during mid-day trading on Tuesday . The stock traded as high as $1,095.00 and last traded at $1,071.65. Approximately 1,869,936 shares traded hands during trading, a decline of 31% from the average daily volume of 2,690,771 shares. The stock had previously closed at $1,038.74.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GEV shares. Erste Group Bank raised shares of GE Vernova to a “strong-buy” rating in a report on Tuesday, March 24th. UBS Group reissued a “buy” rating on shares of GE Vernova in a report on Thursday, January 29th. Royal Bank Of Canada upped their target price on GE Vernova from $996.00 to $1,195.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. BMO Capital Markets raised their target price on GE Vernova from $1,110.00 to $1,250.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Finally, Susquehanna set a $1,300.00 price target on GE Vernova in a research report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and an average target price of $1,090.76.

GE Vernova Price Performance

The firm has a market cap of $287.97 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 3.89 and a beta of 1.51. The stock has a 50 day simple moving average of $982.24 and a two-hundred day simple moving average of $795.22. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $15.49. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The firm had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $9.19 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. Sell-side analysts expect that GE Vernova Inc. will post 14.84 earnings per share for the current year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. GE Vernova’s dividend payout ratio (DPR) is currently 5.83%.

Insider Activity at GE Vernova

In related news, CAO Matthew Joseph Potvin sold 2,333 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the completion of the transaction, the chief accounting officer owned 3,549 shares in the company, valued at $3,758,710.41. This represents a 39.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently modified their holdings of GEV. Glenmede Trust Co. NA boosted its holdings in shares of GE Vernova by 2.6% during the 1st quarter. Glenmede Trust Co. NA now owns 13,508 shares of the company’s stock worth $11,791,000 after purchasing an additional 348 shares during the last quarter. Axiom Investment Management LLC acquired a new stake in shares of GE Vernova in the first quarter valued at approximately $869,000. Groupama Asset Managment increased its holdings in shares of GE Vernova by 2.0% in the first quarter. Groupama Asset Managment now owns 119,648 shares of the company’s stock valued at $104,441,000 after purchasing an additional 2,340 shares during the last quarter. WNY Asset Management LLC purchased a new position in GE Vernova during the first quarter worth approximately $463,000. Finally, Segall Bryant & Hamill LLC purchased a new position in GE Vernova during the first quarter worth approximately $2,461,000.

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.