HITE Hedge Asset Management LLC Makes New $3.27 Million Investment in GE Vernova Inc. $GEV

HITE Hedge Asset Management LLC bought a new position in GE Vernova Inc. (NYSE:GEV) in the fourth quarter, Holdings Channel reports. The firm bought 5,000 shares of the company’s stock, valued at approximately $3,268,000.

A number of other large investors have also bought and sold shares of the company. RFG Advisory LLC increased its position in GE Vernova by 2.1% in the fourth quarter. RFG Advisory LLC now owns 634 shares of the company’s stock worth $414,000 after buying an additional 13 shares during the last quarter. BlackDiamond Wealth Management LLC increased its position in GE Vernova by 2.8% in the fourth quarter. BlackDiamond Wealth Management LLC now owns 471 shares of the company’s stock worth $308,000 after buying an additional 13 shares during the last quarter. Voisard Asset Management Group Inc. boosted its holdings in shares of GE Vernova by 2.7% in the fourth quarter. Voisard Asset Management Group Inc. now owns 575 shares of the company’s stock worth $376,000 after acquiring an additional 15 shares during the period. Clean Yield Group boosted its holdings in shares of GE Vernova by 2.2% in the fourth quarter. Clean Yield Group now owns 685 shares of the company’s stock worth $448,000 after acquiring an additional 15 shares during the period. Finally, Rossmore Private Capital boosted its holdings in shares of GE Vernova by 2.8% in the fourth quarter. Rossmore Private Capital now owns 559 shares of the company’s stock worth $365,000 after acquiring an additional 15 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GEV shares. Wells Fargo & Company raised their price target on GE Vernova from $831.00 to $896.00 and gave the stock an “overweight” rating in a report on Tuesday, March 31st. Robert W. Baird raised their price target on GE Vernova from $1,008.00 to $1,400.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Susquehanna set a $1,300.00 price target on GE Vernova in a report on Thursday, April 23rd. Erste Group Bank raised GE Vernova to a “strong-buy” rating in a report on Tuesday, March 24th. Finally, Rothschild & Co Redburn raised GE Vernova from a “sell” rating to a “buy” rating and raised their price target for the stock from $560.00 to $1,100.00 in a report on Monday, March 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and an average target price of $1,085.16.

Insider Buying and Selling at GE Vernova

In related news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction on Monday, June 1st. The stock was 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 owned 1,835 shares of the company’s stock, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction 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 directly owned 3,549 shares of the company’s stock, valued at $3,758,710.41. This represents a 39.66% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by company insiders.

GE Vernova Price Performance

NYSE:GEV opened at $940.14 on Friday. The firm has a market capitalization of $252.63 billion, a price-to-earnings ratio of 27.39, a P/E/G ratio of 3.36 and a beta of 1.23. GE Vernova Inc. has a 52-week low of $474.21 and a 52-week high of $1,181.95. The stock has a fifty day moving average of $1,008.85 and a 200 day moving average of $831.73. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $15.49. The company had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The firm’s quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter last year, the company earned $0.91 earnings per share. On average, research analysts expect that GE Vernova Inc. will post 14.99 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova’s dividend payout ratio (DPR) is currently 5.83%.

GE Vernova 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.