GE Vernova (NYSE:GEV) Shares Up 6.8% After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shares traded up 6.8% during trading on Wednesday after Sanford C. Bernstein upgraded the stock to a strong-buy rating. The stock traded as high as $1,065.38 and last traded at $1,048.8130. Approximately 3,978,697 shares traded hands during trading, an increase of 44% from the average daily volume of 2,760,018 shares. The stock had previously closed at $982.35.

GEV has been the topic of several other research reports. Oppenheimer set a $1,303.00 target price on shares of GE Vernova in a research note on Thursday, April 23rd. BNP Paribas Exane cut shares of GE Vernova from an “outperform” rating to a “neutral” rating and set a $1,190.00 target price for the company. in a research report on Monday, April 27th. Barclays raised their price target on shares of GE Vernova from $993.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Wells Fargo & Company upped their price objective on shares of GE Vernova from $831.00 to $896.00 and gave the company an “overweight” rating in a research note on Tuesday, March 31st. Finally, Weiss Ratings upgraded shares of GE Vernova from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and an average price target of $1,089.88.

Insider Activity

In other GE Vernova news, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction dated 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 owned 3,549 shares of the company’s stock, valued at $3,758,710.41. This trade represents a 39.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the sale, the chief executive officer owned 1,835 shares of the company’s stock, valued at approximately $1,739,726.80. This represents 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 insiders.

Institutional Trading of GE Vernova

Several institutional investors have recently added to or reduced their stakes in GEV. PVG Asset Management Corp raised its position in GE Vernova by 345.9% in the first quarter. PVG Asset Management Corp now owns 3,389 shares of the company’s stock valued at $2,958,000 after purchasing an additional 2,629 shares during the period. FAS Wealth Partners Inc. lifted its stake in GE Vernova by 5.0% during the first quarter. FAS Wealth Partners Inc. now owns 562 shares of the company’s stock worth $491,000 after purchasing an additional 27 shares in the last quarter. Robinswood Financial LLC purchased a new position in shares of GE Vernova during the first quarter worth $79,000. Pine Valley Investments Ltd Liability Co grew its stake in shares of 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 buying an additional 2,741 shares in the last quarter. Finally, Wealthquest Corp grew its stake in shares of 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 buying an additional 11 shares in the last quarter.

GE Vernova Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65. The firm has a market capitalization of $298.72 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 3.89 and a beta of 1.23. The stock has a 50 day moving average price of $1,019.28 and a two-hundred day moving average price of $845.99.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $15.49. The firm had revenue of $9.34 billion for the quarter, compared to analyst estimates of $9.19 billion. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.GE Vernova’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. As a group, analysts expect that GE Vernova Inc. will post 14.99 EPS for the current year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, June 16th. GE Vernova’s dividend payout ratio is currently 5.83%.

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.