GE Vernova (NYSE:GEV) Trading 2.8% Higher – Here’s Why

GE Vernova Inc. (NYSE:GEV) was up 2.8% on Wednesday . The stock traded as high as $962.72 and last traded at $936.3120. Approximately 2,322,556 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 2,825,620 shares. The stock had previously closed at $910.75.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GEV shares. Royal Bank Of Canada increased their price target on GE Vernova from $761.00 to $800.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Robert W. Baird set a $923.00 price target on GE Vernova and gave the stock an “outperform” rating in a report on Wednesday, February 4th. UBS Group reiterated a “buy” rating on shares of GE Vernova in a report on Thursday, January 29th. BMO Capital Markets reiterated an “outperform” rating and issued a $785.00 price target on shares of GE Vernova in a report on Thursday, January 29th. Finally, The Goldman Sachs Group increased their price target on GE Vernova from $840.00 to $925.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $863.61.

GE Vernova Stock Performance

The firm has a fifty day simple moving average of $832.45 and a 200 day simple moving average of $695.60. The company has a market capitalization of $252.36 billion, a PE ratio of 52.60, a P/E/G ratio of 3.54 and a beta of 1.43.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 28th. The company reported $13.39 EPS for the quarter, topping the consensus estimate of $2.99 by $10.40. The company had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $10.21 billion. GE Vernova had a return on equity of 46.91% and a net margin of 12.83%.GE Vernova’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the business posted $1.73 EPS. Research analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 17th will be issued a $0.50 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova’s dividend payout ratio (DPR) is currently 11.24%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Synergy Asset Management LLC boosted its position in shares of GE Vernova by 300.0% in the 3rd quarter. Synergy Asset Management LLC now owns 1,884 shares of the company’s stock worth $1,078,000 after purchasing an additional 1,413 shares in the last quarter. J.W. Cole Advisors Inc. boosted its position in shares of GE Vernova by 25.3% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 16,247 shares of the company’s stock worth $9,990,000 after purchasing an additional 3,278 shares in the last quarter. Kercheville Advisors LLC boosted its position in shares of GE Vernova by 238.3% in the 3rd quarter. Kercheville Advisors LLC now owns 4,905 shares of the company’s stock worth $3,016,000 after purchasing an additional 3,455 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of GE Vernova in the 3rd quarter worth $18,601,000. Finally, US Bancorp DE boosted its position in shares of GE Vernova by 2.2% in the 3rd quarter. US Bancorp DE now owns 100,542 shares of the company’s stock worth $61,824,000 after purchasing an additional 2,163 shares in the last quarter.

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.