GE Vernova (NYSE:GEV) Trading 2.9% Higher – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s share price rose 2.9% on Friday . The stock traded as high as $660.59 and last traded at $658.03. Approximately 4,235,919 shares changed hands during mid-day trading, an increase of 23% from the average daily volume of 3,434,803 shares. The stock had previously closed at $639.43.

Wall Street Analysts Forecast Growth

GEV has been the subject of several research reports. Rothschild & Co Redburn reaffirmed a “sell” rating and set a $475.00 price target on shares of GE Vernova in a research note on Wednesday, October 15th. Barclays raised their target price on shares of GE Vernova from $710.00 to $720.00 and gave the company an “overweight” rating in a report on Thursday, December 4th. Mizuho reduced their price target on shares of GE Vernova from $677.00 to $660.00 and set a “neutral” rating on the stock in a report on Friday, October 24th. Bank of America increased their price target on shares of GE Vernova from $725.00 to $804.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Finally, Oppenheimer raised shares of GE Vernova from a “market perform” rating to an “outperform” rating and set a $855.00 price objective for the company in a research note on Wednesday, December 10th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $690.56.

GE Vernova Stock Up 2.9%

The firm has a market capitalization of $178.54 billion, a PE ratio of 107.17, a P/E/G ratio of 4.68 and a beta of 1.71. The business’s fifty day moving average price is $600.14 and its 200 day moving average price is $587.06.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.08). GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The firm had revenue of $9.97 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the previous year, the company posted ($0.35) EPS. The business’s quarterly revenue was up 11.8% on a year-over-year basis. As a group, sell-side analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 5th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.3%. This is a positive change from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, January 5th. GE Vernova’s payout ratio is 32.57%.

Hedge Funds Weigh In On GE Vernova

Several large investors have recently added to or reduced their stakes in the business. Keel Point LLC boosted its stake in GE Vernova by 2.5% in the 3rd quarter. Keel Point LLC now owns 1,785 shares of the company’s stock worth $1,098,000 after buying an additional 43 shares during the last quarter. Hudson Bay Capital Management LP lifted its holdings in shares of GE Vernova by 314.4% during the 3rd quarter. Hudson Bay Capital Management LP now owns 15,130 shares of the company’s stock worth $9,303,000 after acquiring an additional 11,479 shares during the period. Allworth Financial LP lifted its holdings in shares of GE Vernova by 21.2% during the 3rd quarter. Allworth Financial LP now owns 8,425 shares of the company’s stock worth $5,181,000 after acquiring an additional 1,476 shares during the period. CMC Financial Group acquired a new stake in shares of GE Vernova in the third quarter worth approximately $311,000. Finally, Groupama Asset Managment grew its holdings in GE Vernova by 9.6% in the third quarter. Groupama Asset Managment now owns 119,019 shares of the company’s stock valued at $73,185,000 after purchasing an additional 10,392 shares during the period.

About GE Vernova

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.