GE Vernova (NYSE:GEV) Stock Price Down 1.7% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s share price fell 1.7% on Monday . The stock traded as low as $941.87 and last traded at $997.1110. Approximately 3,566,833 shares were traded during trading, an increase of 27% from the average session volume of 2,815,275 shares. The stock had previously closed at $1,014.75.

Wall Street Analysts Forecast Growth

GEV has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their price target on GE Vernova from $1,302.00 to $1,330.00 and gave the stock an “overweight” rating in a research note on Thursday. Weiss Ratings restated a “buy (b)” rating on shares of GE Vernova in a report on Tuesday, July 21st. Mizuho upped their target price on GE Vernova from $913.00 to $949.00 and gave the company a “neutral” rating in a research report on Friday. Oppenheimer increased their target price on GE Vernova from $1,303.00 to $1,338.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Robert W. Baird raised their price target on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,133.15.

GE Vernova Trading Down 1.7%

The company has a market cap of $265.56 billion, a P/E ratio of 28.54, a P/E/G ratio of 3.72 and a beta of 1.09. The business has a fifty day simple moving average of $1,034.45 and a 200 day simple moving average of $923.74. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). The firm had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. GE Vernova’s revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.86 earnings per share. Analysts anticipate that GE Vernova Inc. will post 15.16 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova’s payout ratio is presently 5.72%.

Insider Activity

In related news, CAO Matthew Joseph Potvin sold 2,333 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Victor Abate sold 4,819 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $948.08, for a total value of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares of the company’s stock, valued at approximately $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GE Vernova

Several institutional investors have recently modified their holdings of GEV. Cornerstone Financial Management LLC bought a new position in GE Vernova in the 4th quarter worth about $25,000. Wealth Watch Advisors INC acquired a new stake in shares of GE Vernova in the third quarter valued at approximately $25,000. Torren Management LLC bought a new stake in shares of GE Vernova during the fourth quarter valued at approximately $26,000. Manning & Napier Advisors LLC raised its holdings in shares of GE Vernova by 68.4% during the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock valued at $26,000 after buying an additional 13 shares during the last quarter. Finally, ORG Wealth Partners LLC boosted its position in shares of GE Vernova by 241.7% during the fourth quarter. ORG Wealth Partners LLC now owns 41 shares of the company’s stock worth $27,000 after buying an additional 29 shares during the period.

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.