GE Vernova (NYSE:GEV) Shares Down 4.6% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) shares dropped 4.6% during trading on Wednesday . The stock traded as low as $897.68 and last traded at $900.0280. 3,649,525 shares were traded during trading, an increase of 29% from the average daily volume of 2,831,682 shares. The stock had previously closed at $943.38.

Analyst Ratings Changes

GEV has been the subject of several research reports. Zacks Research cut GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Citigroup raised their price target on GE Vernova from $779.00 to $1,110.00 and gave the company a “neutral” rating in a research note on Monday, April 13th. Wall Street Zen lowered shares of GE Vernova from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reiterated a “buy (b)” rating on shares of GE Vernova in a report on Tuesday, July 21st. Finally, Argus set a $1,300.00 target price on shares of GE Vernova in a research report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus target price of $1,133.15.

GE Vernova Stock Down 4.6%

The business’s fifty day moving average price is $1,032.76 and its two-hundred day moving average price is $927.90. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85. The firm has a market capitalization of $239.70 billion, a P/E ratio of 25.76, a PEG ratio of 3.65 and a beta of 1.09.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.70). The company had revenue of $11.10 billion during the quarter, compared to analysts’ expectations of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.86 earnings per share. Equities analysts expect that GE Vernova Inc. will post 15.16 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th were issued a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova’s dividend payout ratio is currently 5.72%.

Insider Activity

In other news, CEO Victor Abate sold 4,819 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was 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 directly owned 1,835 shares in the company, valued at $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the sale, the chief accounting officer directly owned 3,549 shares of the company’s stock, valued at $3,758,710.41. This trade represents a 39.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company’s stock.

Institutional Trading of GE Vernova

Several institutional investors and hedge funds have recently bought and sold shares of GEV. Brighton Jones LLC lifted its position in GE Vernova by 29.4% during the fourth quarter. Brighton Jones LLC now owns 3,315 shares of the company’s stock valued at $1,091,000 after purchasing an additional 753 shares during the period. Schnieders Capital Management LLC. boosted its stake in shares of GE Vernova by 1.7% in the second quarter. Schnieders Capital Management LLC. now owns 1,564 shares of the company’s stock worth $828,000 after buying an additional 26 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of GE Vernova in the second quarter worth about $258,000. Ossiam acquired a new stake in GE Vernova during the second quarter worth about $42,000. Finally, Nebula Research & Development LLC grew its holdings in GE Vernova by 23.9% during the second quarter. Nebula Research & Development LLC now owns 1,674 shares of the company’s stock worth $886,000 after acquiring an additional 323 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.