GE Vernova (NYSE:GEV) Stock Price Down 3.1% – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares dropped 3.1% on Wednesday. The company traded as low as $980.47 and last traded at $997.7940. Approximately 1,804,353 shares changed hands during trading, a decline of 32% from the average daily volume of 2,649,627 shares. The stock had previously closed at $1,029.21.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GEV. Mizuho increased their price target on shares of GE Vernova from $913.00 to $949.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Wall Street Zen cut GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. The Goldman Sachs Group upgraded GE Vernova from a “buy” rating to a “market outperform” rating in a report on Monday, September 14th. Jefferies Financial Group reissued a “buy” rating and issued a $1,185.00 target price (up from $1,155.00) on shares of GE Vernova in a research report on Thursday, September 17th. Finally, William Blair restated an “outperform” rating on shares of GE Vernova in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $1,171.87.

GE Vernova Trading Up 0.7%

The firm has a 50-day moving average price of $967.51 and a 200-day moving average price of $998.61. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85. The stock has a market cap of $268.12 billion, a PE ratio of 28.83, a price-to-earnings-growth ratio of 3.48 and a beta of 1.14.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). The firm had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.79 billion. GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The business’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.86 EPS. As a group, equities analysts anticipate that GE Vernova Inc. will post 14.93 EPS for the current fiscal year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Tuesday, October 27th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, October 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova’s dividend payout ratio is presently 5.72%.

Hedge Funds Weigh In On GE Vernova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Onyx Bridge Wealth Group LLC increased its position in shares of GE Vernova by 1.3% during the first quarter. Onyx Bridge Wealth Group LLC now owns 727 shares of the company’s stock valued at $635,000 after acquiring an additional 9 shares during the last quarter. Red Door Wealth Management LLC lifted its holdings in shares of GE Vernova by 0.6% in the 1st quarter. Red Door Wealth Management LLC now owns 1,774 shares of the company’s stock worth $1,548,000 after acquiring an additional 10 shares during the last quarter. Advance Capital Management Inc. lifted its holdings in shares of GE Vernova by 2.2% in the 1st quarter. Advance Capital Management Inc. now owns 461 shares of the company’s stock worth $402,000 after acquiring an additional 10 shares during the last quarter. Alpha Financial Partners LLC boosted its position in shares of GE Vernova by 2.0% during the 1st quarter. Alpha Financial Partners LLC now owns 514 shares of the company’s stock worth $449,000 after purchasing an additional 10 shares during the period. Finally, Sandy Cove Advisors LLC boosted its position in shares of GE Vernova by 2.6% during the 2nd quarter. Sandy Cove Advisors LLC now owns 389 shares of the company’s stock worth $457,000 after purchasing an additional 10 shares during the period.

About GE Vernova

GE Vernova Inc (NYSE: GEV) is an energy technology company formed through the separation of General Electric’s energy businesses in April 2024. The company is focused on helping generate, transmit, distribute and store electricity as power systems adapt to rising demand and the transition toward lower-carbon energy sources.

GE Vernova operates across three principal business areas: Power, Wind and Electrification. Its products and services include gas and steam power generation equipment, nuclear and hydropower technologies, onshore and offshore wind turbines, wind services, grid equipment, electrification systems, energy storage solutions and software used to monitor and manage energy infrastructure.

The company serves utilities, independent power producers, industrial customers and other energy-sector organizations in markets around the world.