GE Vernova (NYSE:GEV) Trading 2% Higher – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s share price was up 2% on Wednesday . The stock traded as high as $1,071.00 and last traded at $1,055.6810. Approximately 2,696,390 shares were traded during trading, a decline of 3% from the average session volume of 2,791,865 shares. The stock had previously closed at $1,034.98.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GEV. Jefferies Financial Group decreased their target price on GE Vernova from $1,350.00 to $1,210.00 and set a “buy” rating for the company in a research report on Thursday, June 11th. Susquehanna set a $1,300.00 price target on GE Vernova in a research report on Thursday, April 23rd. Sanford C. Bernstein initiated coverage on GE Vernova in a research note on Tuesday, June 16th. They issued an “outperform” rating and a $1,206.00 price target on the stock. BMO Capital Markets increased their price objective on GE Vernova from $1,110.00 to $1,250.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Finally, Morgan Stanley raised their price objective on GE Vernova from $817.00 to $960.00 and gave the company an “overweight” rating in a research report on Monday, March 23rd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,089.88.

GE Vernova Trading Down 3.2%

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89. The company has a market cap of $282.49 billion, a P/E ratio of 30.52, a price-to-earnings-growth ratio of 3.92 and a beta of 1.23. The stock has a 50-day moving average of $1,029.97 and a two-hundred day moving average of $862.69.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, topping the consensus estimate of $1.95 by $15.49. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The business had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $9.19 billion. During the same period in the previous year, the company posted $0.91 earnings per share. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. On average, equities research analysts predict that GE Vernova Inc. will post 14.99 earnings per share for the current year.

GE Vernova Dividend Announcement

The company 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 is Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. GE Vernova’s payout ratio is presently 5.83%.

Insider Activity

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the completion of the sale, the chief executive officer directly owned 1,835 shares in the company, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction dated Thursday, May 14th. The stock was 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 directly owned 3,549 shares of the company’s stock, valued at $3,758,710.41. This trade represents a 39.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently added to or reduced their stakes in the company. Auto Owners Insurance Co increased its holdings in 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 buying an additional 34,826,773 shares in the last quarter. Vanguard Group Inc. lifted its stake in GE Vernova by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company’s stock valued at $16,354,691,000 after acquiring an additional 208,162 shares during the period. State Street Corp boosted its holdings in shares of GE Vernova by 2.1% during the 4th quarter. State Street Corp now owns 11,469,670 shares of the company’s stock valued at $7,496,232,000 after acquiring an additional 231,392 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of GE Vernova by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock worth $4,074,039,000 after acquiring an additional 68,894 shares during the period. Finally, Morgan Stanley grew its stake in shares of GE Vernova by 12.8% in the fourth quarter. Morgan Stanley now owns 6,054,474 shares of the company’s stock worth $3,957,024,000 after acquiring an additional 685,466 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.