GE Vernova (NYSE:GEV) Trading Down 6.6% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) shares were down 6.6% during mid-day trading on Thursday . The company traded as low as $1,040.42 and last traded at $1,044.8230. Approximately 2,570,255 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 2,773,499 shares. The stock had previously closed at $1,118.96.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GEV shares. Evercore upped their price target on GE Vernova from $860.00 to $905.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. UBS Group reaffirmed a “buy” rating on shares of GE Vernova in a report on Thursday, January 29th. China Renaissance raised GE Vernova to a “strong-buy” rating in a report on Thursday, January 29th. Wells Fargo & Company upped their price target on GE Vernova from $831.00 to $896.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. Finally, TD Cowen upped their price target on GE Vernova from $780.00 to $1,220.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,090.76.

GE Vernova Price Performance

The firm has a market capitalization of $279.67 billion, a price-to-earnings ratio of 30.32, a P/E/G ratio of 3.92 and a beta of 1.51. The company has a fifty day moving average price of $933.83 and a two-hundred day moving average price of $755.75. The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, beating the consensus estimate of $1.95 by $15.49. The business had revenue of $9.34 billion during the quarter, compared to the consensus estimate of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The company’s revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 earnings per share. On average, equities research analysts expect that GE Vernova Inc. will post 14.84 EPS for the current fiscal year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 17th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. GE Vernova’s dividend payout ratio (DPR) is currently 5.83%.

Institutional Investors Weigh In On GE Vernova

Several hedge funds have recently modified their holdings of the stock. Auto Owners Insurance Co raised its position in GE Vernova by 110,973.4% in the fourth quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock worth $2,278,224,000 after acquiring an additional 34,826,773 shares in the last quarter. Norges Bank purchased a new position in GE Vernova in the fourth quarter worth $2,283,114,000. Northwestern Mutual Wealth Management Co. raised its position in GE Vernova by 5,171.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company’s stock worth $1,603,114,000 after acquiring an additional 2,406,326 shares in the last quarter. Capital World Investors raised its position in GE Vernova by 1,907.5% in the third quarter. Capital World Investors now owns 2,156,197 shares of the company’s stock worth $1,325,842,000 after acquiring an additional 2,048,792 shares in the last quarter. Finally, Corient Private Wealth LLC raised its position in GE Vernova by 2,802.8% in the fourth quarter. Corient Private Wealth LLC now owns 1,608,714 shares of the company’s stock worth $1,051,407,000 after acquiring an additional 1,553,295 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.