GE Vernova (NYSE:GEV) Reaches New 1-Year High Following Dividend Announcement

GE Vernova Inc. (NYSE:GEV) hit a new 52-week high during trading on Tuesday after the company announced a dividend. The company traded as high as $512.82 and last traded at $507.45, with a volume of 251550 shares traded. The stock had previously closed at $499.88.

The newly announced dividend which will be paid on Monday, August 18th. Investors of record on Monday, July 21st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date is Monday, July 21st. GE Vernova’s dividend payout ratio is currently 14.41%.

Wall Street Analyst Weigh In

GEV has been the topic of a number of recent analyst reports. Robert W. Baird lifted their price objective on GE Vernova from $387.00 to $405.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. The Goldman Sachs Group boosted their price target on GE Vernova from $500.00 to $570.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Citigroup decreased 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. Susquehanna restated a “positive” rating and set a $499.00 price objective (up previously from $399.00) on shares of GE Vernova in a report on Wednesday, May 14th. Finally, JPMorgan Chase & Co. boosted their price objective on GE Vernova from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Eight research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus price target of $429.13.

GE Vernova Stock Performance

The stock has a market cap of $139.63 billion, a P/E ratio of 73.72, a P/E/G ratio of 3.88 and a beta of 1.97. The business has a 50 day simple moving average of $432.77 and a 200-day simple moving average of $373.10.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.54. The firm had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.56 billion. GE Vernova had a return on equity of 10.10% and a net margin of 5.42%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.47) EPS. On average, sell-side analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of GE Vernova by 79.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 221,507 shares of the company’s stock worth $67,622,000 after acquiring an additional 98,034 shares during the period. Grandview Asset Management LLC grew its stake in shares of GE Vernova by 48.8% during the 1st quarter. Grandview Asset Management LLC now owns 2,149 shares of the company’s stock worth $656,000 after acquiring an additional 705 shares during the period. State of Alaska Department of Revenue grew its stake in shares of GE Vernova by 2.9% during the 1st quarter. State of Alaska Department of Revenue now owns 32,340 shares of the company’s stock worth $9,872,000 after acquiring an additional 910 shares during the period. Dynamic Advisor Solutions LLC grew its stake in shares of GE Vernova by 104.7% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 8,661 shares of the company’s stock worth $2,644,000 after acquiring an additional 4,429 shares during the period. Finally, Friedenthal Financial lifted its holdings in GE Vernova by 990.4% during the 1st quarter. Friedenthal Financial now owns 3,413 shares of the company’s stock worth $1,042,000 after purchasing an additional 3,100 shares in the last quarter.

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.