GE Vernova (NYSE:GEV) Shares Up 2% – Here’s Why

GE Vernova Inc. (NYSE:GEV)’s stock price shot up 2% during mid-day trading on Thursday . The company traded as high as $837.40 and last traded at $833.5420. 1,638,597 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 3,161,412 shares. The stock had previously closed at $817.55.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GEV. Morgan Stanley restated an “overweight” rating and set a $817.00 price target on shares of GE Vernova in a research report on Monday, January 26th. Mizuho set a $714.00 target price on shares of GE Vernova in a research note on Tuesday, February 3rd. The Goldman Sachs Group increased their target price on shares of GE Vernova from $840.00 to $925.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Barclays restated an “overweight” rating and set a $849.00 price target on shares of GE Vernova in a research note on Monday, February 2nd. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating on shares of GE Vernova in a research note on Wednesday, December 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and a consensus target price of $788.24.

GE Vernova Trading Down 0.6%

The company has a market capitalization of $223.62 billion, a P/E ratio of 46.61, a P/E/G ratio of 3.32 and a beta of 1.67. The company’s fifty day moving average is $704.97 and its 200 day moving average is $641.29.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, January 28th. The company reported $13.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.99 by $10.40. The firm had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $10.21 billion. GE Vernova had a return on equity of 46.91% and a net margin of 12.83%.The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.73 earnings per share. Equities research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, March 17th. GE Vernova’s payout ratio is presently 11.24%.

Hedge Funds Weigh In On GE Vernova

A number of large investors have recently modified their holdings of the company. RFG Advisory LLC increased its holdings in shares of 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 purchasing an additional 13 shares during the period. BlackDiamond Wealth Management LLC increased its stake in GE Vernova by 2.8% in the 4th quarter. BlackDiamond Wealth Management LLC now owns 471 shares of the company’s stock worth $308,000 after acquiring an additional 13 shares during the last quarter. First Commonwealth Financial Corp PA raised its holdings in shares of GE Vernova by 3.5% in the 4th quarter. First Commonwealth Financial Corp PA now owns 380 shares of the company’s stock valued at $248,000 after acquiring an additional 13 shares in the last quarter. Apriem Advisors boosted its position in shares of GE Vernova by 0.7% during the 4th quarter. Apriem Advisors now owns 2,124 shares of the company’s stock valued at $1,388,000 after acquiring an additional 14 shares during the last quarter. Finally, Voisard Asset Management Group Inc. boosted its position in shares of GE Vernova by 2.7% during the 4th quarter. Voisard Asset Management Group Inc. now owns 575 shares of the company’s stock valued at $376,000 after acquiring an additional 15 shares during the last quarter.

About GE Vernova

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.