GE Vernova (NYSE:GEV) Trading 6.2% Higher – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s stock price rose 6.2% on Friday . The company traded as high as $692.50 and last traded at $681.78. Approximately 4,935,899 shares traded hands during mid-day trading, an increase of 68% from the average daily volume of 2,939,858 shares. The stock had previously closed at $642.23.

Wall Street Analyst Weigh In

GEV has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of GE Vernova from $710.00 to $822.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Robert W. Baird reiterated a “neutral” rating and set a $649.00 target price (down from $816.00) on shares of GE Vernova in a report on Friday, January 9th. Citigroup boosted their price target on GE Vernova from $658.00 to $708.00 and gave the stock a “neutral” rating in a research report on Monday. Rothschild Redb lowered GE Vernova from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of GE Vernova in a report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $703.04.

GE Vernova Price Performance

The company has a market cap of $184.98 billion, a P/E ratio of 111.04, a P/E/G ratio of 2.70 and a beta of 1.67. The company’s 50-day moving average is $627.34 and its two-hundred day moving average is $610.18.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, October 22nd. The company reported $1.64 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter in the prior year, the business posted ($0.35) earnings per share. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. Equities research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Increases Dividend

The firm 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 $0.50 dividend. This is a positive change from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, January 5th. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. GE Vernova’s payout ratio is presently 32.57%.

Institutional Trading of GE Vernova

Institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC boosted its holdings in GE Vernova by 29.4% in the fourth quarter. Brighton Jones LLC now owns 3,315 shares of the company’s stock worth $1,091,000 after purchasing an additional 753 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of GE Vernova by 4.7% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,475 shares of the company’s stock valued at $780,000 after buying an additional 66 shares during the period. Mirador Capital Partners LP purchased a new position in shares of GE Vernova in the 2nd quarter worth $208,000. Procyon Advisors LLC purchased a new position in shares of GE Vernova in the 2nd quarter worth $396,000. Finally, Sunpointe LLC bought a new stake in shares of GE Vernova in the second quarter worth $275,000.

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.