GE Vernova (NYSE:GEV) Trading Down 0.8% – Here’s Why

GE Vernova Inc. (NYSE:GEV)’s stock price was down 0.8% during trading on Wednesday . The stock traded as low as $366.25 and last traded at $370.28. Approximately 349,453 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 3,588,418 shares. The stock had previously closed at $373.25.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GEV. TD Cowen initiated coverage on shares of GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $453.00 price target on shares of GE Vernova in a report on Tuesday, January 28th. Baird R W raised GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. BMO Capital Markets raised their price objective on GE Vernova from $360.00 to $420.00 and gave the company an “outperform” rating in a research report on Tuesday, January 21st. Finally, William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Eight investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average price target of $350.13.

GE Vernova Stock Down 0.1 %

The stock’s 50 day moving average price is $363.28 and its two-hundred day moving average price is $297.19. The stock has a market cap of $102.88 billion and a price-to-earnings ratio of 67.07.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The company had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. On average, analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.27%. GE Vernova’s dividend payout ratio is presently 17.99%.

GE Vernova declared that its board has authorized a stock repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of GE Vernova

A number of hedge funds have recently added to or reduced their stakes in GEV. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova in the third quarter worth about $2,507,296,000. Norges Bank acquired a new position in GE Vernova in the 4th quarter worth about $1,109,720,000. Capital International Investors raised its holdings in GE Vernova by 25.3% in the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock worth $4,886,164,000 after purchasing an additional 2,994,660 shares during the period. International Assets Investment Management LLC boosted its position in GE Vernova by 35,238.2% during the third quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock worth $366,098,000 after purchasing an additional 1,431,729 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in GE Vernova by 1,638.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock valued at $432,309,000 after purchasing an additional 1,238,690 shares during the period.

About GE Vernova

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.