GE Vernova (NYSE:GEV) Trading Down 1.7% – Here’s Why

Shares of GE Vernova Inc. (NYSE:GEV) dropped 1.7% during trading on Monday . The company traded as low as $941.87 and last traded at $997.1110. Approximately 3,566,833 shares were traded during mid-day trading, an increase of 27% from the average daily volume of 2,815,275 shares. The stock had previously closed at $1,014.75.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Morgan Stanley increased their price objective on shares of GE Vernova from $1,250.00 to $1,350.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Oppenheimer boosted their target price on shares of GE Vernova from $1,303.00 to $1,338.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Sanford C. Bernstein raised their price target on GE Vernova from $1,206.00 to $1,298.00 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. upped their price objective on GE Vernova from $1,302.00 to $1,330.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Finally, Jefferies Financial Group reissued a “buy” rating on shares of GE Vernova in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,133.15.

GE Vernova Stock Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85. The stock has a market cap of $247.78 billion, a P/E ratio of 26.82, a P/E/G ratio of 3.65 and a beta of 1.09. The business’s 50-day moving average price is $1,032.76 and its 200-day moving average price is $927.90.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). The company had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.79 billion. GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.GE Vernova’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.86 earnings per share. As a group, sell-side analysts expect that GE Vernova Inc. will post 15.16 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th were given 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 of this dividend was Tuesday, June 16th. GE Vernova’s payout ratio is presently 5.72%.

Insider Buying and Selling

In related news, CEO Victor Abate sold 4,819 shares of the stock in a transaction that occurred 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 approximately $1,739,726.80. This represents a 72.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer owned 3,549 shares in the company, valued at approximately $3,758,710.41. The trade was a 39.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently modified their holdings of GEV. Auto Owners Insurance Co increased 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 worth $2,278,224,000 after buying an additional 34,826,773 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of GE Vernova by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company’s stock valued at $16,354,691,000 after acquiring an additional 208,162 shares in the last quarter. State Street Corp lifted its position in shares of GE Vernova by 2.1% in the fourth quarter. State Street Corp now owns 11,469,670 shares of the company’s stock valued at $7,496,232,000 after acquiring an additional 231,392 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of GE Vernova by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock worth $4,074,039,000 after acquiring an additional 68,894 shares during the period. Finally, Morgan Stanley boosted its stake in shares of GE Vernova by 12.8% in the fourth quarter. Morgan Stanley now owns 6,054,474 shares of the company’s stock worth $3,957,024,000 after acquiring an additional 685,466 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.