GE Vernova (NYSE:GEV) Trading 2% Higher – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s share price shot up 2% during mid-day trading on Thursday . The company traded as high as $1,046.88 and last traded at $1,045.4980. 1,610,408 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 2,711,538 shares. The stock had previously closed at $1,024.52.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GEV. China Renaissance upgraded shares of GE Vernova to a “strong-buy” rating in a research note on Thursday, January 29th. Morgan Stanley upped their price target on shares of GE Vernova from $817.00 to $960.00 and gave the stock an “overweight” rating in a research note on Monday, March 23rd. Mizuho set a $714.00 price objective on GE Vernova in a research report on Tuesday, February 3rd. TD Cowen lifted their target price on GE Vernova from $780.00 to $1,220.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Finally, Argus set a $1,300.00 price target on GE Vernova in a research note on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1,090.76.

GE Vernova Stock Up 2.0%

The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19. The firm has a market cap of $280.95 billion, a P/E ratio of 30.45, a PEG ratio of 3.79 and a beta of 1.51. The company’s 50 day simple moving average is $970.06 and its 200-day simple moving average is $785.29.

GE Vernova (NYSE:GEV) last posted its earnings results 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 business had revenue of $9.34 billion for the quarter, compared to analysts’ expectations of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. Research analysts forecast that GE Vernova Inc. will post 14.84 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, June 16th. GE Vernova’s dividend payout ratio is presently 5.83%.

Insider Buying and Selling at GE Vernova

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.21% of the stock is owned by insiders.

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently modified their holdings of the company. Auto Owners Insurance Co lifted its stake in shares of GE Vernova by 110,973.4% in the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock worth $2,278,224,000 after purchasing an additional 34,826,773 shares during the period. Norges Bank bought a new position in GE Vernova in the 4th quarter worth $2,283,114,000. Northwestern Mutual Wealth Management Co. raised its holdings in GE Vernova by 5,171.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company’s stock worth $1,603,114,000 after purchasing an additional 2,406,326 shares during the period. Capital World Investors raised its holdings in GE Vernova by 1,907.5% in the 3rd quarter. Capital World Investors now owns 2,156,197 shares of the company’s stock worth $1,325,842,000 after purchasing an additional 2,048,792 shares during the period. Finally, Corient Private Wealth LLC raised its holdings in GE Vernova by 2,802.8% in the 4th quarter. Corient Private Wealth LLC now owns 1,608,714 shares of the company’s stock worth $1,051,407,000 after purchasing an additional 1,553,295 shares during the period.

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.