GE Vernova (NYSE:GEV) Trading Up 2.8% Following Analyst Upgrade

GE Vernova Inc. (NYSE:GEVGet Free Report)’s stock price shot up 2.8% on Wednesday after Bank of America raised their price target on the stock from $520.00 to $550.00. Bank of America currently has a buy rating on the stock. GE Vernova traded as high as $480.97 and last traded at $478.56. 942,105 shares were traded during trading, a decline of 71% from the average session volume of 3,277,852 shares. The stock had previously closed at $465.31.

Several other equities research analysts have also weighed in on GEV. New Street Research set a $380.00 price objective on GE Vernova in a report on Wednesday, March 5th. Citigroup cut their price objective on GE Vernova from $437.00 to $354.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Jefferies Financial Group downgraded GE Vernova from a “buy” rating to a “hold” rating and boosted their target price for the stock from $427.00 to $517.00 in a research report on Thursday, May 29th. TD Cowen dropped their target price on GE Vernova from $405.00 to $390.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Finally, Susquehanna reiterated a “positive” rating and issued a $499.00 price objective (up previously from $399.00) on shares of GE Vernova in a research report on Wednesday, May 14th. Seven investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $395.98.

Get Our Latest Stock Report on GE Vernova

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GEV. Principal Securities Inc. raised its stake in shares of GE Vernova by 29.0% in the fourth quarter. Principal Securities Inc. now owns 1,892 shares of the company’s stock worth $622,000 after buying an additional 425 shares during the period. New York State Teachers Retirement System increased its position in shares of GE Vernova by 3.1% during the 4th quarter. New York State Teachers Retirement System now owns 242,128 shares of the company’s stock valued at $79,643,000 after purchasing an additional 7,373 shares during the last quarter. Hudock Inc. bought a new position in shares of GE Vernova during the 4th quarter valued at approximately $225,000. Leavell Investment Management Inc. increased its position in shares of GE Vernova by 70.5% during the 4th quarter. Leavell Investment Management Inc. now owns 6,347 shares of the company’s stock valued at $2,089,000 after purchasing an additional 2,624 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in GE Vernova by 7.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 109,824 shares of the company’s stock valued at $36,659,000 after acquiring an additional 7,970 shares during the period.

GE Vernova Stock Performance

The stock has a fifty day moving average of $404.31 and a 200-day moving average of $364.45. The company has a market cap of $132.82 billion, a PE ratio of 87.53, a PEG ratio of 3.03 and a beta of 1.97.

GE Vernova (NYSE:GEVGet Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.54. The company had revenue of $8.03 billion for the quarter, compared to analyst estimates of $7.56 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.47) EPS. As a group, equities analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, April 18th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, April 17th. This represents a $1.00 dividend on an annualized basis and a yield of 0.21%. GE Vernova’s dividend payout ratio is currently 14.41%.

About GE Vernova

(Get Free Report)

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.

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