GE Vernova (NYSE:GEV) Stock Price Up 2.2% – Should You Buy?

Shares of GE Vernova Inc. (NYSE:GEV) were up 2.2% during mid-day trading on Wednesday . The company traded as high as $368.79 and last traded at $364.27. Approximately 827,691 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 4,104,205 shares. The stock had previously closed at $356.53.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on GEV shares. Citigroup lifted their target price on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Johnson Rice began coverage on GE Vernova in a research note on Friday. They issued a “buy” rating and a $425.00 price objective on the stock. Evercore ISI raised their target price on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. upped their price target on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research report on Thursday, January 23rd. Finally, BMO Capital Markets lifted their price objective on GE Vernova from $360.00 to $420.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. Eight investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and an average target price of $346.22.

GE Vernova Trading Up 0.8 %

The business’s fifty day simple moving average is $357.71 and its 200 day simple moving average is $284.04. The stock has a market cap of $104.19 billion and a price-to-earnings ratio of 67.98.

GE Vernova (NYSE:GEV) last released its 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). The company had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, research analysts anticipate that GE Vernova Inc. will post 6.33 earnings per share for the current year.

GE Vernova Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

GE Vernova announced that its Board of Directors has approved a stock buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cedar Mountain Advisors LLC grew its position in shares of GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after purchasing an additional 39 shares during the period. Fairway Wealth LLC lifted its stake in GE Vernova by 220.0% in the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after buying an additional 55 shares in the last quarter. Pineridge Advisors LLC boosted its holdings 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 buying an additional 69 shares during the period. Castleview Partners LLC bought a new stake in shares of GE Vernova during the third quarter worth $28,000. Finally, Covestor Ltd raised its holdings in shares of GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the period.

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.