GE Vernova (NYSE:GEV) Shares Up 6.8% Following Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) traded up 6.8% on Wednesday after Sanford C. Bernstein upgraded the stock to a strong-buy rating. The company traded as high as $1,065.38 and last traded at $1,048.8130. 3,978,697 shares were traded during mid-day trading, an increase of 44% from the average session volume of 2,760,018 shares. The stock had previously closed at $982.35.

Other analysts have also issued reports about the company. Oppenheimer set a $1,303.00 price target on GE Vernova in a report on Thursday, April 23rd. Wells Fargo & Company upped their price target on GE Vernova from $831.00 to $896.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 31st. Robert W. Baird raised their price target on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Guggenheim lifted their price objective on shares of GE Vernova from $910.00 to $1,300.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Finally, BMO Capital Markets lifted their price objective on shares of GE Vernova from $1,110.00 to $1,250.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,089.88.

Insider Transactions at GE Vernova

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the company’s stock in a transaction dated 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 approximately $3,758,710.41. This represents a 39.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Victor Abate sold 4,819 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were 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 $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company’s stock.

Institutional Trading of GE Vernova

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

GE Vernova Price Performance

The company’s 50-day moving average price is $1,019.28 and its two-hundred day moving average price is $845.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65. The company has a market capitalization of $298.72 billion, a P/E ratio of 32.38, a price-to-earnings-growth ratio of 3.89 and a beta of 1.23.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, topping the consensus estimate of $1.95 by $15.49. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business had revenue of $9.34 billion during the quarter, compared to the consensus estimate of $9.19 billion. During the same quarter in the previous year, the firm posted $0.91 EPS. GE Vernova’s revenue was up 17.0% compared to the same quarter last year. As a group, sell-side analysts expect that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Tuesday, June 16th. GE Vernova’s payout ratio is currently 5.83%.

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.