GE Vernova (NYSE:GEV) Trading 2% Higher – Here’s What Happened
by Renee Jackson · The Cerbat GemGE Vernova Inc. (NYSE:GEV – Get Free Report)’s stock price traded up 2% during mid-day trading on Thursday . The company traded as high as $1,046.88 and last traded at $1,045.4980. 1,610,408 shares traded hands during trading, a decline of 41% from the average session volume of 2,711,538 shares. The stock had previously closed at $1,024.52.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on the company. Robert W. Baird raised their price objective on GE Vernova from $1,008.00 to $1,400.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Oppenheimer set a $1,303.00 target price on shares of GE Vernova in a report on Thursday, April 23rd. BMO Capital Markets raised their target price on GE Vernova from $1,110.00 to $1,250.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Citigroup raised their target price on GE Vernova from $779.00 to $1,110.00 and gave the stock a “neutral” rating in a research note on Monday, April 13th. Finally, Erste Group Bank upgraded shares of GE Vernova to a “strong-buy” rating in a report on Tuesday, March 24th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus price target of $1,090.76.
Read Our Latest Analysis on GE Vernova
GE Vernova Stock Performance
The company has a 50-day simple moving average of $970.06 and a two-hundred day simple moving average of $785.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.65 and a current ratio of 0.89. The firm has a market capitalization of $280.95 billion, a P/E ratio of 30.45, a PEG ratio of 3.79 and a beta of 1.51.
GE Vernova (NYSE:GEV – Get Free Report) last announced its earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $15.49. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The firm had revenue of $9.34 billion for the quarter, compared to analysts’ expectations of $9.19 billion. During the same quarter in the previous year, the business posted $0.91 EPS. The company’s quarterly revenue was up 17.0% on a year-over-year basis. As a group, equities analysts forecast that GE Vernova Inc. will post 14.84 EPS for the current year.
GE Vernova Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th will be issued 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 is Tuesday, June 16th. GE Vernova’s payout ratio is 5.83%.
Insider Activity at GE Vernova
In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the business’s stock in a transaction on 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 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.21% of the company’s stock.
Institutional Trading of GE Vernova
Hedge funds have recently modified their holdings of the business. Brighton Jones LLC boosted its position in shares of GE Vernova by 29.4% in the 4th quarter. Brighton Jones LLC now owns 3,315 shares of the company’s stock worth $1,091,000 after purchasing an additional 753 shares in the last quarter. Schnieders Capital Management LLC. boosted its position in shares of GE Vernova by 1.7% in the 2nd quarter. Schnieders Capital Management LLC. now owns 1,564 shares of the company’s stock worth $828,000 after purchasing an additional 26 shares in the last quarter. Jump Financial LLC bought a new stake in shares of GE Vernova in the 2nd quarter worth approximately $258,000. Ossiam bought a new position in GE Vernova in the 2nd quarter worth about $42,000. Finally, Nebula Research & Development LLC boosted its stake in GE Vernova by 23.9% in the 2nd quarter. Nebula Research & Development LLC now owns 1,674 shares of the company’s stock worth $886,000 after purchasing an additional 323 shares in the last quarter.
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.