GE Vernova (NYSE:GEV) Trading 2% Higher – Here’s Why

GE Vernova Inc. (NYSE:GEV) rose 2% during trading on Tuesday . The stock traded as high as $1,033.34 and last traded at $1,010.5910. 1,628,308 shares were traded during trading, a decline of 42% from the average session volume of 2,786,531 shares. The stock had previously closed at $990.85.

Analysts Set New Price Targets

GEV has been the topic of a number of analyst reports. TD Cowen raised their price objective on shares of GE Vernova from $1,220.00 to $1,235.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Guggenheim increased their target price on GE Vernova from $1,300.00 to $1,450.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Morgan Stanley cut GE Vernova from an “overweight” rating to an “underweight” rating in a research note on Monday, August 3rd. Argus set a $1,300.00 price objective on GE Vernova in a research report on Monday, April 27th. Finally, BNP Paribas Exane cut GE Vernova from an “outperform” rating to a “neutral” rating and set a $1,190.00 price objective for the company. in a research report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,133.15.

GE Vernova Stock Performance

The company has a current ratio of 0.85, a quick ratio of 0.62 and a debt-to-equity ratio of 0.21. The firm’s fifty day moving average price is $1,027.37 and its 200-day moving average price is $949.18. The firm has a market cap of $269.15 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 3.53 and a beta of 1.21.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The company had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. During the same quarter in the prior year, the business earned $1.86 earnings per share. GE Vernova’s revenue was up 21.9% compared to the same quarter last year. Analysts expect that GE Vernova Inc. will post 15.57 earnings per share for the current year.

GE Vernova Announces Dividend

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

Insider Activity

In other GE Vernova news, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova 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 transaction, the chief accounting officer owned 3,549 shares of the company’s stock, valued at $3,758,710.41. The trade was a 39.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction that occurred 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 directly owned 1,835 shares in the company, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GE Vernova

Hedge funds have recently modified their holdings of the business. Brighton Jones LLC grew its position in GE Vernova by 29.4% during the 4th 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. Schnieders Capital Management LLC. raised its holdings in shares of GE Vernova by 1.7% in the second quarter. Schnieders Capital Management LLC. now owns 1,564 shares of the company’s stock valued at $828,000 after buying an additional 26 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of GE Vernova during the second quarter worth about $258,000. Ossiam acquired a new stake in shares of GE Vernova during the second quarter worth about $42,000. Finally, Nebula Research & Development LLC grew its holdings in shares of GE Vernova by 23.9% during the second quarter. Nebula Research & Development LLC now owns 1,674 shares of the company’s stock worth $886,000 after buying an additional 323 shares during the last quarter.

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.