GE Vernova (NYSE:GEV) Stock Price Down 1.8% – Here’s Why

Shares of GE Vernova Inc. (NYSE:GEV) were down 1.8% during trading on Tuesday . The stock traded as low as $355.15 and last traded at $355.33. Approximately 730,381 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 4,155,180 shares. The stock had previously closed at $361.71.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Bank of America upped their price objective on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Truist Financial increased their price objective on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. William Blair restated an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. Jefferies Financial Group raised their target price on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, TD Cowen assumed coverage on GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $342.94.

GE Vernova Price Performance

The stock has a market cap of $98.09 billion and a P/E ratio of 64.00. The stock’s 50 day simple moving average is $355.93 and its two-hundred day simple moving average is $281.46.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share 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 firm had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, analysts forecast that GE Vernova Inc. will post 6.33 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, January 28th. Shareholders of record on Friday, December 20th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.28%. The ex-dividend date was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

GE Vernova declared that its board has initiated a stock buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of GE Vernova

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GEV. Cedar Mountain Advisors LLC lifted its holdings in shares of GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after purchasing an additional 39 shares in the last quarter. Pineridge Advisors LLC grew its position in GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after acquiring an additional 69 shares in the last quarter. Asset Planning Inc purchased a new position in GE Vernova in the fourth quarter worth $35,000. Castleview Partners LLC purchased a new position in GE Vernova in the third quarter worth $28,000. Finally, Riggs Asset Managment Co. Inc. lifted its stake in GE Vernova by 93.4% in the fourth quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock worth $39,000 after purchasing an additional 57 shares during the last quarter.

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.