GE Vernova (NYSE:GEV) Trading Up 4.3% – Here’s Why

Shares of GE Vernova Inc. (NYSE:GEV) were up 4.3% on Thursday . The company traded as high as $920.52 and last traded at $904.1590. Approximately 4,234,361 shares traded hands during trading, an increase of 54% from the average daily volume of 2,742,564 shares. The stock had previously closed at $867.09.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GEV shares. The Goldman Sachs Group restated a “buy” rating and set a $1,328.00 price objective on shares of GE Vernova in a research report on Friday, April 24th. JPMorgan Chase & Co. boosted their price objective on GE Vernova from $1,000.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Erste Group Bank upgraded GE Vernova to a “strong-buy” rating in a research report on Tuesday, March 24th. Morgan Stanley boosted their price objective on GE Vernova from $817.00 to $960.00 and gave the stock an “overweight” rating in a research report on Monday, March 23rd. Finally, TD Cowen boosted their price objective on GE Vernova from $780.00 to $1,220.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and a consensus price target of $1,085.16.

GE Vernova Price Performance

The stock has a market capitalization of $252.63 billion, a price-to-earnings ratio of 27.39, a P/E/G ratio of 3.36 and a beta of 1.23. The company has a fifty day simple moving average of $1,008.85 and a 200 day simple moving average of $831.73. 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 earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, topping the consensus estimate of $1.95 by $15.49. The firm had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The business’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. Equities research analysts forecast that GE Vernova Inc. will post 14.99 EPS for the current fiscal year.

GE Vernova Dividend Announcement

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

Insider Activity

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction dated 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 directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction dated 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 directly owned 3,549 shares in the company, valued at $3,758,710.41. The trade was a 39.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jackson Grant Investment Advisers Inc. lifted its stake in shares of GE Vernova by 344.4% in the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock valued at $25,000 after purchasing an additional 31 shares during the period. Cornerstone Financial Management LLC acquired a new position in shares of GE Vernova in the 4th quarter valued at about $25,000. Wealth Watch Advisors INC acquired a new position in shares of GE Vernova in the 3rd quarter valued at about $25,000. Torren Management LLC acquired a new position in shares of GE Vernova in the 4th quarter valued at about $26,000. Finally, Manning & Napier Advisors LLC lifted its stake in shares of GE Vernova by 68.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock valued at $26,000 after purchasing an additional 13 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.