GE Vernova (NYSE:GEV) Stock Price Up 6.4% – Still a Buy?

GE Vernova Inc. (NYSE:GEV)’s share price shot up 6.4% during mid-day trading on Tuesday . The company traded as high as $1,178.20 and last traded at $1,172.7270. 3,081,046 shares changed hands during mid-day trading, an increase of 10% from the average daily volume of 2,806,594 shares. The stock had previously closed at $1,102.51.

Analyst Ratings Changes

GEV has been the topic of a number of recent analyst reports. Susquehanna set a $1,300.00 price objective on shares of GE Vernova in a research report on Thursday, April 23rd. JPMorgan Chase & Co. lifted their price objective on shares of GE Vernova from $1,000.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Guggenheim boosted their target price on shares of GE Vernova from $910.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. TD Cowen increased their target price on GE Vernova from $780.00 to $1,220.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Finally, Jefferies Financial Group cut their price target on GE Vernova from $1,350.00 to $1,210.00 and set a “buy” rating on the stock in a research note on Thursday, June 11th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,089.88.

GE Vernova Price Performance

The stock has a market capitalization of $315.14 billion, a price-to-earnings ratio of 34.16, a P/E/G ratio of 3.87 and a beta of 1.24. The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19. The stock has a fifty day moving average of $1,033.60 and a 200-day moving average of $869.03.

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

GE Vernova Dividend Announcement

The business also recently declared 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. This represents a $2.00 annualized dividend and a yield of 0.2%. The ex-dividend date is Tuesday, June 16th. GE Vernova’s dividend payout ratio (DPR) is currently 5.83%.

Insiders Place Their Bets

In related news, CEO Victor Abate sold 4,819 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the sale, the chief executive officer directly owned 1,835 shares of the company’s stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the completion of the transaction, the chief accounting officer 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 owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Cornerstone Financial Management LLC purchased a new position in shares of GE Vernova during the fourth quarter worth approximately $25,000. Wealth Watch Advisors INC acquired a new position in shares of GE Vernova in the 3rd quarter valued at $25,000. Torren Management LLC purchased a new stake in GE Vernova in the 4th quarter valued at $26,000. Manning & Napier Advisors LLC boosted its stake in GE Vernova by 68.4% during the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock worth $26,000 after purchasing an additional 13 shares during the period. Finally, ORG Wealth Partners LLC boosted its stake in GE Vernova by 241.7% during the 4th quarter. ORG Wealth Partners LLC now owns 41 shares of the company’s stock worth $27,000 after purchasing an additional 29 shares during the period.

GE Vernova Company 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.