GE Vernova (NYSE:GEV) Trading Up 3.1% – What’s Next?

GE Vernova Inc. (NYSE:GEV) shares rose 3.1% during mid-day trading on Wednesday . The company traded as high as $959.87 and last traded at $955.61. Approximately 2,226,856 shares traded hands during trading, a decline of 19% from the average daily volume of 2,735,680 shares. The stock had previously closed at $926.73.

Analysts Set New Price Targets

Several brokerages have issued reports on GEV. BMO Capital Markets reaffirmed an “outperform” rating on shares of GE Vernova in a report on Friday, August 7th. JPMorgan Chase & Co. lifted their price objective on GE Vernova from $1,302.00 to $1,330.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of GE Vernova in a research note on Tuesday, July 21st. Morgan Stanley cut GE Vernova from an “overweight” rating to an “underweight” rating in a report on Monday, August 3rd. Finally, TD Cowen raised their price target on GE Vernova from $1,220.00 to $1,235.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,133.15.

GE Vernova Trading Up 3.1%

The business’s fifty day moving average price is $1,040.83 and its 200 day moving average price is $972.03. The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $254.51 billion, a PE ratio of 27.35, a P/E/G ratio of 3.39 and a beta of 1.21.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The firm had revenue of $11.10 billion for the quarter, compared to analysts’ expectations of $10.79 billion. During the same period in the previous year, the company posted $1.86 EPS. The business’s quarterly revenue was up 21.9% on a year-over-year basis. As a group, analysts expect that GE Vernova Inc. will post 15.46 EPS for the current fiscal year.

Insider Buying and Selling at GE Vernova

In other news, CEO Victor Abate sold 4,819 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.21% of the stock is currently owned by corporate insiders.

Institutional Trading of GE Vernova

A number of hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its holdings in GE Vernova by 116,092.4% in the second quarter. California State Teachers Retirement System now owns 483,330,355 shares of the company’s stock valued at $567,845,501,000 after purchasing an additional 482,914,381 shares during the period. Auto Owners Insurance Co boosted its holdings in shares of 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 valued at $2,278,224,000 after purchasing an additional 34,826,773 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of GE Vernova during the 2nd quarter valued at $25,569,630,000. State Street Corp increased 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 worth $7,496,232,000 after buying an additional 231,392 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of GE Vernova by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock worth $4,074,039,000 after buying an additional 68,894 shares during the period.

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.