GE Vernova (NYSE:GEV) Shares Down 1.3% – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares fell 1.3% during mid-day trading on Tuesday . The company traded as low as $317.70 and last traded at $325.85. 4,193,616 shares were traded during trading, an increase of 10% from the average session volume of 3,803,373 shares. The stock had previously closed at $330.00.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GEV. Jefferies Financial Group lifted their target price on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Wolfe Research began coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target for the company. Barclays upped their price target on shares of GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. Finally, Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $342.94.

GE Vernova Stock Up 7.5 %

The stock has a fifty day moving average of $353.47 and a 200-day moving average of $274.72. The firm has a market capitalization of $97.80 billion and a P/E ratio of 63.81.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, analysts forecast that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.28%. GE Vernova’s dividend payout ratio is 17.99%.

GE Vernova declared that its board has initiated a share buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of GE Vernova

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pelham Capital Ltd. bought a new stake in GE Vernova during the 4th quarter worth about $5,247,000. Quotient Wealth Partners LLC grew its position in shares of GE Vernova by 16.7% during the 4th quarter. Quotient Wealth Partners LLC now owns 1,153 shares of the company’s stock worth $379,000 after buying an additional 165 shares during the period. Northeast Investment Management acquired a new position in shares of GE Vernova during the 4th quarter worth about $204,000. AlphaStar Capital Management LLC acquired a new position in shares of GE Vernova during the 4th quarter worth about $271,000. Finally, Entropy Technologies LP acquired a new position in shares of GE Vernova during the 4th quarter worth about $4,964,000.

GE Vernova Company Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.