GE Vernova (NYSE:GEV) Price Target Raised to $570.00

GE Vernova (NYSE:GEV) had its target price lifted by The Goldman Sachs Group from $500.00 to $570.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other analysts have also issued reports on GEV. Royal Bank of Canada reduced their price objective on shares of GE Vernova from $453.00 to $445.00 and set an “outperform” rating on the stock in a report on Tuesday, March 18th. New Street Research set a $380.00 target price on GE Vernova in a research report on Wednesday, March 5th. JPMorgan Chase & Co. boosted their price objective on GE Vernova from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Robert W. Baird increased their target price on shares of GE Vernova from $387.00 to $405.00 and gave the company an “outperform” rating in a research report on Thursday, April 24th. Finally, Baird R W upgraded shares of GE Vernova to a “strong-buy” rating in a research note on Thursday, February 13th. Seven analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $395.98.

GE Vernova Price Performance

Shares of NYSE:GEV opened at $486.64 on Tuesday. GE Vernova has a 1 year low of $150.01 and a 1 year high of $500.72. The firm has a market capitalization of $132.82 billion, a price-to-earnings ratio of 87.53, a price-to-earnings-growth ratio of 3.03 and a beta of 1.97. The business’s 50 day moving average price is $404.31 and its 200-day moving average price is $364.45.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.54. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $8.03 billion for the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter in the previous year, the company posted ($0.47) EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, April 18th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.21%. The ex-dividend date of this dividend was Thursday, April 17th. GE Vernova’s dividend payout ratio (DPR) is 14.41%.

Institutional Investors Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Westover Capital Advisors LLC increased its position in shares of GE Vernova by 2.3% in the 1st quarter. Westover Capital Advisors LLC now owns 1,130 shares of the company’s stock worth $345,000 after purchasing an additional 25 shares during the last quarter. SVB Wealth LLC increased its position in shares of GE Vernova by 0.7% in the 1st quarter. SVB Wealth LLC now owns 3,585 shares of the company’s stock worth $1,094,000 after purchasing an additional 26 shares during the last quarter. Stonebridge Financial Group LLC increased its position in shares of GE Vernova by 8.9% in the 1st quarter. Stonebridge Financial Group LLC now owns 344 shares of the company’s stock worth $105,000 after purchasing an additional 28 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of GE Vernova by 0.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 8,510 shares of the company’s stock worth $2,598,000 after purchasing an additional 30 shares during the last quarter. Finally, Hemington Wealth Management increased its position in shares of GE Vernova by 20.3% in the 1st quarter. Hemington Wealth Management now owns 178 shares of the company’s stock worth $54,000 after purchasing an additional 30 shares during the last quarter.

GE Vernova Company Profile

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.