GE Vernova (NYSE:GEV) Shares Down 5.8% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) traded down 5.8% during trading on Wednesday . The stock traded as low as $856.01 and last traded at $866.6310. 5,290,888 shares changed hands during mid-day trading, an increase of 94% from the average session volume of 2,728,911 shares. The stock had previously closed at $920.15.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on GE Vernova from $1,000.00 to $1,150.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Susquehanna set a $1,300.00 price objective on GE Vernova in a report on Thursday, April 23rd. Argus set a $1,300.00 price objective on GE Vernova in a report on Monday, April 27th. Oppenheimer set a $1,303.00 price objective on GE Vernova in a report on Thursday, April 23rd. Finally, Guggenheim increased their price objective on GE Vernova from $910.00 to $1,300.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,090.76.

GE Vernova Stock Down 5.8%

The firm has a fifty day simple moving average of $1,006.31 and a 200-day simple moving average of $826.35. The firm has a market cap of $232.88 billion, a price-to-earnings ratio of 25.24, a P/E/G ratio of 3.46 and a beta of 1.23. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $15.49. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The business had revenue of $9.34 billion during the quarter, compared to the consensus estimate of $9.19 billion. During the same quarter last year, the firm posted $0.91 EPS. The company’s quarterly revenue was up 17.0% on a year-over-year basis. As a group, sell-side analysts expect that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova’s dividend payout ratio (DPR) is presently 5.83%.

Insider Buying and Selling at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares in the company, valued at $1,739,726.80. This trade represents a 72.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the transaction, the chief accounting officer owned 3,549 shares in the company, valued at $3,758,710.41. The trade was a 39.66% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. World Investment Advisors grew its position in GE Vernova by 19.9% in the fourth quarter. World Investment Advisors now owns 13,497 shares of the company’s stock valued at $8,821,000 after acquiring an additional 2,241 shares during the last quarter. US Bancorp DE grew its position in GE Vernova by 2.2% in the third quarter. US Bancorp DE now owns 100,542 shares of the company’s stock valued at $61,824,000 after acquiring an additional 2,163 shares during the last quarter. Vanguard Group Inc. grew its position in GE Vernova by 0.6% in the third quarter. Vanguard Group Inc. now owns 24,815,463 shares of the company’s stock valued at $15,259,028,000 after acquiring an additional 150,892 shares during the last quarter. Varenne Capital Partners bought a new position in GE Vernova in the third quarter valued at about $4,872,000. Finally, Merit Financial Group LLC grew its position in GE Vernova by 17.4% in the fourth quarter. Merit Financial Group LLC now owns 15,080 shares of the company’s stock valued at $9,856,000 after acquiring an additional 2,230 shares during the last quarter.

About GE Vernova

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.