GE Vernova (NYSE:GEV) Trading 1.9% Higher – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares were up 1.9% during mid-day trading on Monday . The stock traded as high as $1,012.74 and last traded at $1,008.7120. 2,002,144 shares were traded during trading, a decline of 29% from the average session volume of 2,825,316 shares. The stock had previously closed at $990.29.

Analyst Ratings Changes

Several equities analysts have weighed in on GEV shares. Susquehanna set a $1,300.00 target price on GE Vernova in a research report on Thursday, April 23rd. Royal Bank Of Canada increased their price target on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. William Blair reissued an “outperform” rating on shares of GE Vernova in a research note on Monday. Morgan Stanley cut shares of GE Vernova from an “overweight” rating to an “underweight” rating in a report on Monday. Finally, Zacks Research downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,133.15.

GE Vernova Stock Performance

The stock has a market capitalization of $268.65 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 3.56 and a beta of 1.09. The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average of $1,028.05 and a 200-day moving average of $934.82.

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 the consensus estimate of $3.17 by ($0.70). The company had revenue of $11.10 billion for the quarter, compared to analysts’ expectations of $10.79 billion. GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.GE Vernova’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.86 EPS. Equities analysts anticipate that GE Vernova Inc. will post 15.46 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The business also recently disclosed 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 of this dividend 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 currently 5.72%.

Insider Buying and Selling

In related news, CAO Matthew Joseph Potvin sold 2,333 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the sale, the chief accounting officer owned 3,549 shares of the company’s stock, valued at $3,758,710.41. This trade represents a 39.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Victor Abate sold 4,819 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the completion of the sale, 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 SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GE Vernova

A number of institutional investors and hedge funds have recently modified their holdings of the company. World Investment Advisors increased its holdings in shares of GE Vernova by 19.9% in the 4th 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 period. Merit Financial Group LLC raised its position in GE Vernova by 17.4% in the 4th quarter. Merit Financial Group LLC now owns 15,080 shares of the company’s stock valued at $9,856,000 after purchasing an additional 2,230 shares during the last quarter. Vest Financial LLC boosted its stake in GE Vernova by 56.7% during the 4th quarter. Vest Financial LLC now owns 66,191 shares of the company’s stock worth $43,260,000 after purchasing an additional 23,956 shares during the period. Riverbend Wealth Management LLC acquired a new stake in GE Vernova during the 4th quarter worth $567,000. Finally, RiverFront Investment Group LLC grew its position in GE Vernova by 239.2% during the 4th quarter. RiverFront Investment Group LLC now owns 2,191 shares of the company’s stock worth $1,432,000 after purchasing an additional 1,545 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.