GE Vernova (NYSE:GEV) Stock Price Down 10.3% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) fell 10.3% during trading on Wednesday . The company traded as low as $613.09 and last traded at $615.8640. 6,730,246 shares changed hands during trading, an increase of 96% from the average session volume of 3,427,823 shares. The stock had previously closed at $686.22.

Wall Street Analyst Weigh In

Several research firms have recently commented on GEV. Cowen restated a “buy” rating on shares of GE Vernova in a report on Thursday, October 23rd. UBS Group increased their target price on GE Vernova from $760.00 to $835.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Barclays lifted their price target on GE Vernova from $710.00 to $720.00 and gave the company an “overweight” rating in a report on Thursday, December 4th. The Goldman Sachs Group upped their price objective on GE Vernova from $735.00 to $840.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, TD Cowen dropped their price objective on GE Vernova from $685.00 to $680.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Four analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and an average target price of $680.52.

GE Vernova Stock Performance

The company has a 50 day moving average of $600.25 and a two-hundred day moving average of $586.50. The stock has a market capitalization of $167.10 billion, a PE ratio of 100.30, a P/E/G ratio of 5.20 and a beta of 1.71.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, October 22nd. The company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.08). GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The business had revenue of $9.97 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter last year, the business posted ($0.35) earnings per share. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. As a group, research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 5th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, January 5th. This represents a $2.00 annualized dividend and a yield of 0.3%. This is a boost from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s payout ratio is presently 16.29%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GEV. Jackson Grant Investment Advisers Inc. raised its stake in GE Vernova by 344.4% in the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock worth $25,000 after acquiring an additional 31 shares during the last quarter. Wealth Watch Advisors INC purchased a new stake in GE Vernova during the 3rd quarter valued at about $25,000. WFA Asset Management Corp acquired a new position in shares of GE Vernova in the second quarter valued at about $29,000. 1248 Management LLC purchased a new position in shares of GE Vernova in the first quarter worth about $31,000. Finally, Howard Hughes Medical Institute acquired a new stake in shares of GE Vernova during the second quarter worth about $31,000.

GE Vernova Company Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.