Westpac Banking Corp Boosts Position in GE Vernova Inc. (NYSE:GEV)

Westpac Banking Corp raised its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 72.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,079 shares of the company’s stock after acquiring an additional 2,977 shares during the period. Westpac Banking Corp’s holdings in GE Vernova were worth $2,161,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in GEV. Lockheed Martin Investment Management Co. purchased a new stake in GE Vernova in the first quarter valued at $458,000. Golden State Wealth Management LLC lifted its holdings in shares of GE Vernova by 201.7% in the 1st quarter. Golden State Wealth Management LLC now owns 1,222 shares of the company’s stock valued at $373,000 after buying an additional 817 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of GE Vernova by 79.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 221,507 shares of the company’s stock valued at $67,622,000 after buying an additional 98,034 shares during the period. Grandview Asset Management LLC boosted its stake in shares of GE Vernova by 48.8% in the first quarter. Grandview Asset Management LLC now owns 2,149 shares of the company’s stock worth $656,000 after buying an additional 705 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in GE Vernova during the first quarter worth about $328,000.

GE Vernova Stock Performance

Shares of GEV stock opened at $658.09 on Wednesday. GE Vernova Inc. has a fifty-two week low of $173.07 and a fifty-two week high of $677.29. The stock’s fifty day moving average is $555.12 and its two-hundred day moving average is $427.68. The firm has a market capitalization of $179.15 billion, a P/E ratio of 158.58, a PEG ratio of 4.50 and a beta of 1.90.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.23. The business had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business earned $4.65 earnings per share. On average, equities analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, July 21st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Monday, July 21st. GE Vernova’s dividend payout ratio (DPR) is 24.10%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. BMO Capital Markets boosted their price target on GE Vernova from $590.00 to $690.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. TD Cowen lifted their target price on shares of GE Vernova from $390.00 to $685.00 and gave the company a “buy” rating in a report on Friday, July 25th. JPMorgan Chase & Co. increased their price target on shares of GE Vernova from $620.00 to $715.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. The Goldman Sachs Group raised their price target on shares of GE Vernova from $500.00 to $570.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, Wall Street Zen downgraded shares of GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Ten research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and an average target price of $560.21.

GE Vernova 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.