GE Vernova (NYSE:GEV) Trading 1.1% Higher – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares shot up 1.1% on Tuesday . The company traded as high as $500.72 and last traded at $490.53. 1,092,086 shares changed hands during trading, a decline of 67% from the average session volume of 3,336,591 shares. The stock had previously closed at $485.16.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GEV shares. JPMorgan Chase & Co. boosted their price objective on shares of GE Vernova from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. CICC Research started coverage on GE Vernova in a report on Wednesday, February 19th. They issued an “outperform” rating for the company. Truist Financial set a $440.00 price objective on GE Vernova in a report on Thursday, March 27th. Baird R W raised GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. Finally, Robert W. Baird raised their price target on shares of GE Vernova from $387.00 to $405.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus price target of $385.78.

GE Vernova Stock Up 1.3%

The company has a market capitalization of $134.10 billion, a P/E ratio of 88.37, a PEG ratio of 3.03 and a beta of 1.97. The business has a 50 day simple moving average of $375.20 and a 200-day simple moving average of $356.68.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.54. The firm had revenue of $8.03 billion for the quarter, compared to the consensus estimate of $7.56 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.47) EPS. Equities analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, April 18th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, April 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.20%. GE Vernova’s dividend payout ratio (DPR) is presently 14.41%.

Hedge Funds Weigh In On GE Vernova

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GPS Wealth Strategies Group LLC boosted its holdings in shares of GE Vernova by 1,126.0% in the fourth quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company’s stock valued at $294,000 after acquiring an additional 822 shares in the last quarter. CENTRAL TRUST Co raised its position in GE Vernova by 16.6% in the fourth quarter. CENTRAL TRUST Co now owns 9,872 shares of the company’s stock worth $3,247,000 after acquiring an additional 1,408 shares in the last quarter. Principal Securities Inc. lifted its holdings in GE Vernova by 29.0% in the 4th quarter. Principal Securities Inc. now owns 1,892 shares of the company’s stock valued at $622,000 after acquiring an additional 425 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of GE Vernova by 3.1% during the 4th quarter. New York State Teachers Retirement System now owns 242,128 shares of the company’s stock valued at $79,643,000 after purchasing an additional 7,373 shares in the last quarter. Finally, Entropy Technologies LP acquired a new stake in shares of GE Vernova during the 4th quarter valued at $4,964,000.

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.