GE Vernova (NYSE:GEV) Stock Price Up 0.4% – Time to Buy?

GE Vernova Inc. (NYSE:GEV) shot up 0.4% during mid-day trading on Wednesday . The company traded as high as $368.84 and last traded at $356.37. 2,531,848 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 4,103,620 shares. The stock had previously closed at $355.12.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GEV. Jefferies Financial Group boosted their target price on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Wolfe Research began coverage on GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 target price for the company. William Blair reissued an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. Truist Financial raised their price objective on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Finally, JPMorgan Chase & Co. increased their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Eight equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $342.94.

GE Vernova Trading Down 0.1 %

The stock’s 50-day simple moving average is $353.77 and its 200-day simple moving average is $275.94. The firm has a market capitalization of $97.83 billion and a P/E ratio of 63.84.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts expect that GE Vernova Inc. will post 6.61 EPS for the current year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.28%. GE Vernova’s payout ratio is currently 17.99%.

GE Vernova announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

Several institutional investors have recently bought and sold shares of the company. Cedar Mountain Advisors LLC raised its stake in shares of GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying an additional 39 shares during the period. Pineridge Advisors LLC increased its holdings in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after acquiring an additional 69 shares during the last quarter. Castleview Partners LLC bought a new stake in GE Vernova in the 3rd quarter valued at about $28,000. Riggs Asset Managment Co. Inc. lifted its holdings in GE Vernova by 93.4% during the fourth quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock valued at $39,000 after purchasing an additional 57 shares during the last quarter. Finally, Covestor Ltd boosted its position in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares during the period.

About GE Vernova

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.