GE Vernova Inc. (NYSE:GEV) Shares Sold by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. lessened its stake in GE Vernova Inc. (NYSE:GEV) by 2.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,895 shares of the company’s stock after selling 52 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in GE Vernova were worth $623,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in GEV. UNIVEST FINANCIAL Corp purchased a new stake in shares of GE Vernova during the 4th quarter worth about $264,000. Murphy & Mullick Capital Management Corp acquired a new position in GE Vernova during the fourth quarter valued at approximately $434,000. Aire Advisors LLC grew its stake in GE Vernova by 5.9% during the fourth quarter. Aire Advisors LLC now owns 1,616 shares of the company’s stock worth $532,000 after buying an additional 90 shares during the period. PKS Advisory Services LLC acquired a new stake in shares of GE Vernova in the fourth quarter worth $280,000. Finally, Prestige Wealth Management Group LLC raised its stake in shares of GE Vernova by 66.9% in the 4th quarter. Prestige Wealth Management Group LLC now owns 202 shares of the company’s stock valued at $66,000 after acquiring an additional 81 shares during the period.

GE Vernova Stock Down 5.6 %

Shares of GEV stock opened at $317.47 on Thursday. The company has a market cap of $87.59 billion and a P/E ratio of 57.10. The business has a 50 day moving average of $349.42 and a two-hundred day moving average of $321.12. GE Vernova Inc. has a 52 week low of $119.00 and a 52 week high of $447.50.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The business’s quarterly revenue was up 5.1% on a year-over-year basis. Analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its board has authorized a share buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GEV shares. Robert W. Baird began coverage on shares of GE Vernova in a research report on Thursday, February 13th. They set an “outperform” rating and a $448.00 price target for the company. Guggenheim raised GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 target price for the company in a research report on Wednesday, March 5th. Johnson Rice assumed coverage on GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 target price on the stock. Jefferies Financial Group upped their price target on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Royal Bank of Canada dropped their price objective on shares of GE Vernova from $453.00 to $445.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 18th. Seven analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and an average target price of $348.72.

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.