GE Vernova (NYSE:GEV) Trading 1.3% Higher – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s stock price traded up 1.3% on Tuesday . The stock traded as high as $373.64 and last traded at $372.50. 669,056 shares were traded during trading, a decline of 82% from the average session volume of 3,637,325 shares. The stock had previously closed at $367.59.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. TD Cowen assumed coverage on GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a report on Monday, October 21st. They set a “buy” rating and a $354.00 price objective on the stock. Wolfe Research assumed coverage on GE Vernova in a report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective on the stock. William Blair reissued an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Finally, Barclays boosted their price target on GE Vernova from $420.00 to $487.00 and gave the company an “overweight” rating in a research note on Thursday, January 23rd. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $350.13.

GE Vernova Stock Up 1.4 %

The company has a market cap of $102.70 billion and a P/E ratio of 67.01. The business has a 50-day moving average price of $362.38 and a two-hundred day moving average price of $295.72.

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 analysts’ consensus estimates of $2.30 by ($0.57). The firm had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.27%. GE Vernova’s payout ratio is currently 17.99%.

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

Institutional Investors Weigh In On GE Vernova

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC increased its holdings in GE Vernova by 102.6% in the fourth 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 last quarter. MRP Capital Investments LLC bought a new stake in GE Vernova in the fourth quarter valued at about $25,000. Fairway Wealth LLC increased its holdings 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 purchasing an additional 55 shares during the last quarter. Pineridge Advisors LLC increased its holdings in 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 last quarter. Finally, Navigoe LLC bought a new stake in GE Vernova in the fourth quarter valued at about $27,000.

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.