GE Vernova (NYSE:GEV) Shares Down 4.5% Following Analyst Downgrade

GE Vernova Inc. (NYSE:GEV)’s stock price was down 4.5% during trading on Friday after Seaport Res Ptn downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $656.37 and last traded at $672.32. Approximately 5,179,232 shares traded hands during mid-day trading, an increase of 52% from the average daily volume of 3,410,762 shares. The stock had previously closed at $704.20.

Several other analysts have also commented on GEV. Melius Research set a $740.00 price objective on shares of GE Vernova and gave the stock a “buy” rating in a report on Monday, September 15th. Royal Bank Of Canada raised GE Vernova from a “sector perform” rating to an “outperform” rating and set a $761.00 target price for the company in a research report on Wednesday. Rothschild & Co Redburn restated a “sell” rating and issued a $475.00 target price on shares of GE Vernova in a research note on Wednesday, October 15th. Barclays upped their price target on GE Vernova from $710.00 to $720.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. Finally, Wells Fargo & Company increased their price objective on GE Vernova from $697.00 to $717.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $654.54.

Institutional Trading of GE Vernova

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of GE Vernova by 0.6% during the third quarter. Vanguard Group Inc. now owns 24,815,463 shares of the company’s stock valued at $15,259,028,000 after acquiring an additional 150,892 shares in the last quarter. State Street Corp boosted its stake in GE Vernova by 1.3% during the 3rd quarter. State Street Corp now owns 11,238,278 shares of the company’s stock valued at $6,910,417,000 after purchasing an additional 140,500 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of GE Vernova by 2.2% in the 2nd quarter. Geode Capital Management LLC now owns 6,108,484 shares of the company’s stock worth $3,221,404,000 after purchasing an additional 129,315 shares in the last quarter. Norges Bank purchased a new position in shares of GE Vernova in the second quarter worth $1,809,220,000. Finally, Northern Trust Corp lifted its holdings in shares of GE Vernova by 1.8% during the third quarter. Northern Trust Corp now owns 2,877,458 shares of the company’s stock valued at $1,769,349,000 after purchasing an additional 51,738 shares in the last quarter.

GE Vernova Stock Down 4.5%

The stock has a market capitalization of $182.41 billion, a P/E ratio of 109.50, a P/E/G ratio of 5.04 and a beta of 1.71. The business has a fifty day moving average price of $597.06 and a 200-day moving average price of $582.82.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, October 22nd. The company reported $1.64 earnings per share for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.08). The business had revenue of $9.97 billion during the quarter, compared to analysts’ expectations of $9.15 billion. GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.GE Vernova’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.35) EPS. On average, equities analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. This is a positive change from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, January 5th. GE Vernova’s payout ratio is currently 16.29%.

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.