GE Vernova (NYSE:GEV) Trading 1.6% Higher After Analyst Upgrade

Shares of GE Vernova Inc. (NYSE:GEV) were up 1.6% on Monday after Evercore ISI upgraded the stock to a strong-buy rating. The company traded as high as $695.05 and last traded at $682.1810. Approximately 3,508,592 shares changed hands during mid-day trading, an increase of 3% from the average daily volume of 3,413,360 shares. The stock had previously closed at $671.71.

A number of other brokerages have also weighed in on GEV. Bank of America lifted their target price on GE Vernova from $725.00 to $804.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Melius raised shares of GE Vernova from a “hold” rating to a “buy” rating and set a $740.00 price objective for the company in a research note on Monday, September 15th. William Blair reissued an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 10th. Wells Fargo & Company boosted their price target on shares of GE Vernova from $717.00 to $831.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of GE Vernova in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus price target of $680.52.

Institutional Trading of GE Vernova

Large investors have recently bought and sold shares of the stock. Jackson Grant Investment Advisers Inc. boosted its position in GE Vernova by 344.4% during the third quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock worth $25,000 after purchasing an additional 31 shares in the last quarter. Wealth Watch Advisors INC acquired a new position in shares of GE Vernova during the 3rd quarter worth approximately $25,000. WFA Asset Management Corp purchased a new position in shares of GE Vernova during the 2nd quarter valued at approximately $29,000. 1248 Management LLC purchased a new position in shares of GE Vernova during the 1st quarter valued at approximately $31,000. Finally, Howard Hughes Medical Institute acquired a new stake in GE Vernova in the 2nd quarter valued at $31,000.

GE Vernova Trading Down 10.3%

The firm’s fifty day moving average is $600.25 and its 200 day moving average is $586.50. The company has a market cap of $167.10 billion, a PE ratio of 100.30, a price-to-earnings-growth ratio of 5.20 and a beta of 1.71.

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

GE Vernova Increases Dividend

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

About GE Vernova

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.