GE Vernova (NYSE:GEV) Stock Price Up 4.3% – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares traded up 4.3% during trading on Thursday . The company traded as high as $920.52 and last traded at $904.1590. 4,234,361 shares traded hands during mid-day trading, an increase of 54% from the average session volume of 2,742,564 shares. The stock had previously closed at $867.09.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Rothschild & Co Redburn raised shares of GE Vernova from a “sell” rating to a “buy” rating and increased their price target for the company from $560.00 to $1,100.00 in a report on Monday, March 9th. Erste Group Bank upgraded GE Vernova to a “strong-buy” rating in a report on Tuesday, March 24th. Robert W. Baird upped their target price on GE Vernova from $1,008.00 to $1,400.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Wells Fargo & Company increased their target price on GE Vernova from $831.00 to $896.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 31st. Finally, Barclays lifted their price target on GE Vernova from $993.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. Two investment 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 company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,085.16.

GE Vernova Stock Up 4.3%

The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19. The firm has a market cap of $242.97 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 3.41 and a beta of 1.23. The firm’s 50 day simple moving average is $1,007.32 and its two-hundred day simple moving average is $828.51.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $9.19 billion. During the same quarter in the prior year, the business posted $0.91 EPS. The business’s revenue was up 17.0% compared to the same quarter last year. On average, equities analysts forecast that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th will be paid 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 of this dividend is Tuesday, June 16th. GE Vernova’s payout ratio is presently 5.83%.

Insider Buying and Selling at GE Vernova

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the company’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 completion of the transaction, the chief accounting officer directly owned 3,549 shares in the company, valued at approximately $3,758,710.41. This represents a 39.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Victor Abate sold 4,819 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the transaction, the chief executive officer owned 1,835 shares of the company’s stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GEV. FAS Wealth Partners Inc. increased its stake in shares of GE Vernova by 5.0% in the first quarter. FAS Wealth Partners Inc. now owns 562 shares of the company’s stock valued at $491,000 after buying an additional 27 shares during the period. Robinswood Financial LLC acquired a new position in shares of GE Vernova in the first quarter worth approximately $79,000. Pine Valley Investments Ltd Liability Co boosted its holdings in GE Vernova by 93.8% in the first quarter. Pine Valley Investments Ltd Liability Co now owns 5,662 shares of the company’s stock valued at $4,942,000 after acquiring an additional 2,741 shares during the last quarter. Wealthquest Corp boosted its holdings in GE Vernova by 1.2% in the first quarter. Wealthquest Corp now owns 924 shares of the company’s stock valued at $807,000 after acquiring an additional 11 shares during the last quarter. Finally, DV Trading LLC increased its position in GE Vernova by 105.5% during the 1st quarter. DV Trading LLC now owns 520 shares of the company’s stock valued at $454,000 after purchasing an additional 267 shares during the period.

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.