GE Vernova (NYSE:GEV) Stock Price Up 6% – Here’s Why

GE Vernova Inc. (NYSE:GEV) traded up 6% on Thursday . The stock traded as high as $1,117.96 and last traded at $1,111.65. 4,325,755 shares traded hands during mid-day trading, an increase of 56% from the average session volume of 2,773,438 shares. The stock had previously closed at $1,048.86.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Oppenheimer set a $1,303.00 price target on GE Vernova in a research note on Thursday, April 23rd. Susquehanna set a $1,300.00 price objective on GE Vernova in a research note on Thursday, April 23rd. JPMorgan Chase & Co. raised their target price on GE Vernova from $1,000.00 to $1,150.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Guggenheim lifted their target price on GE Vernova from $910.00 to $1,300.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Finally, Rothschild & Co Redburn raised GE Vernova from a “sell” rating to a “buy” rating and increased their price target for the company from $560.00 to $1,100.00 in a research report on Monday, March 9th. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,089.88.

GE Vernova Trading Up 0.2%

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 firm has a 50 day moving average of $1,022.78 and a 200 day moving average of $847.85. The firm has a market cap of $298.72 billion, a PE ratio of 32.38, a P/E/G ratio of 4.11 and a beta of 1.23.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, beating the consensus estimate of $1.95 by $15.49. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The business had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. During the same period in the prior year, the company earned $0.91 earnings per share. GE Vernova’s revenue was up 17.0% compared to the same quarter last year. Equities analysts anticipate that GE Vernova Inc. will post 14.99 earnings per share for the current 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 paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. GE Vernova’s dividend payout ratio is presently 5.83%.

Insider Activity

In other GE Vernova 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 transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Victor Abate sold 4,819 shares of the company’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 sale, the chief executive officer directly owned 1,835 shares in the company, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company’s stock.

Institutional Trading of GE Vernova

Hedge funds and other institutional investors have recently modified their holdings of the business. Manning & Napier Advisors LLC boosted its holdings in GE Vernova by 68.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock worth $26,000 after buying an additional 13 shares during the period. Torren Management LLC purchased a new stake in shares of GE Vernova during the fourth quarter worth $26,000. Cornerstone Financial Management LLC purchased a new stake in shares of GE Vernova during the fourth quarter worth $25,000. Jackson Grant Investment Advisers Inc. boosted its holdings in shares of GE Vernova by 344.4% in the third quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock worth $25,000 after acquiring an additional 31 shares during the period. Finally, Wealth Watch Advisors INC bought a new position in shares of GE Vernova in the third quarter worth $25,000.

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.