GE Vernova (NYSE:GEV) Trading 1.4% Higher – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) shares shot up 1.4% during mid-day trading on Friday . The company traded as high as $1,102.79 and last traded at $1,090.6370. 1,361,077 shares were traded during mid-day trading, a decline of 51% from the average session volume of 2,796,323 shares. The stock had previously closed at $1,075.26.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Guggenheim boosted their price objective on shares of GE Vernova from $910.00 to $1,300.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Barclays raised their target price on shares of GE Vernova from $993.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. JPMorgan Chase & Co. upped their price target on shares of GE Vernova from $1,000.00 to $1,150.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. The Goldman Sachs Group reissued a “buy” rating and issued a $1,328.00 price objective on shares of GE Vernova in a research report on Friday, April 24th. Finally, Jefferies Financial Group decreased their price objective on shares of GE Vernova from $1,350.00 to $1,210.00 and set a “buy” rating for the company in a research note on Thursday, June 11th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,089.88.

GE Vernova Stock Up 1.4%

The company’s 50 day moving average is $1,040.14 and its 200 day moving average is $895.32. The company has a market cap of $293.08 billion, a PE ratio of 31.77, a P/E/G ratio of 4.03 and a beta of 1.09. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $15.49. The company had revenue of $9.34 billion during the quarter, compared to analysts’ expectations of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. As a group, analysts predict that GE Vernova Inc. will post 15.06 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th will be issued a $0.50 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova’s payout ratio is presently 5.83%.

Insider Activity at GE Vernova

In related news, CEO Victor Abate sold 4,819 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $948.08, for a total value of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares of the company’s stock, valued at $1,739,726.80. This represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the transaction, the chief accounting officer owned 3,549 shares in the company, valued at $3,758,710.41. The trade was a 39.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GE Vernova

Several institutional investors have recently made changes to their positions in GEV. Cornerstone Financial Management LLC bought a new stake in shares of GE Vernova in the 4th quarter valued at about $25,000. Wealth Watch Advisors INC bought a new position in shares of GE Vernova during the third quarter valued at approximately $25,000. Torren Management LLC bought a new position in shares of GE Vernova during the fourth quarter valued at approximately $26,000. Manning & Napier Advisors LLC increased its holdings in GE Vernova by 68.4% during the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock valued at $26,000 after buying an additional 13 shares during the period. Finally, ORG Wealth Partners LLC increased its holdings in GE Vernova by 241.7% during the fourth quarter. ORG Wealth Partners LLC now owns 41 shares of the company’s stock valued at $27,000 after buying an additional 29 shares during the period.

GE Vernova Company Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.