GE Vernova (NYSE:GEV) Stock Price Up 1.8% – Here’s What Happened

Shares of GE Vernova Inc. (NYSE:GEV) shot up 1.8% during mid-day trading on Thursday . The stock traded as high as $377.00 and last traded at $374.60. 793,128 shares changed hands during trading, a decline of 80% from the average session volume of 4,048,727 shares. The stock had previously closed at $367.93.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on GEV shares. Bank of America lifted their target price on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. JPMorgan Chase & Co. lifted their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. William Blair reissued an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. Wells Fargo & Company lifted their target price on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Evercore ISI lifted their target price on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Eight investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $342.94.

GE Vernova Price Performance

The stock has a market capitalization of $103.95 billion and a price-to-earnings ratio of 67.84. The business’s fifty day moving average price is $356.93 and its 200-day moving average price is $283.41.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The business’s revenue was up 5.1% compared to the same quarter last year. Equities research analysts predict that GE Vernova Inc. will post 6.33 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.27%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

GE Vernova declared that its board has authorized a stock repurchase program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GEV. Cedar Mountain Advisors LLC raised its position in GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after acquiring an additional 39 shares during the period. Pineridge Advisors LLC raised its position in shares of GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after purchasing an additional 69 shares during the period. Castleview Partners LLC bought a new stake in shares of GE Vernova in the third quarter valued at approximately $28,000. Covestor Ltd raised its position in shares of GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 46 shares during the period. Finally, Darwin Wealth Management LLC bought a new stake in shares of GE Vernova in the third quarter valued at approximately $31,000.

About GE Vernova

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.