GE Vernova (NYSE:GEV) Stock Price Down 3.2% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) fell 3.2% on Thursday . The company traded as low as $361.90 and last traded at $363.12. 937,793 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,544,988 shares. The stock had previously closed at $375.20.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GEV. Jefferies Financial Group lifted their target price on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Guggenheim lowered GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective for the company. in a research report on Friday, January 24th. CICC Research started coverage on GE Vernova in a research report on Wednesday. They set an “outperform” rating on the stock. TD Cowen initiated coverage on GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Finally, Baird R W raised GE Vernova to a “strong-buy” rating in a research note on Thursday, February 13th. Eight equities research 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $350.13.

GE Vernova Trading Down 5.4 %

The business’s fifty day moving average price is $363.90 and its 200-day moving average price is $297.73. The company has a market capitalization of $97.90 billion and a P/E ratio of 63.84.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities research analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.28%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

GE Vernova declared that its board has approved a stock repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

A number of institutional investors have recently made changes to their positions in GEV. Howard Capital Management Group LLC bought a new stake in GE Vernova in the third quarter worth $213,000. Stratos Wealth Advisors LLC purchased a new position in shares of GE Vernova in the third quarter worth about $305,000. Castleview Partners LLC bought a new stake in shares of GE Vernova in the 3rd quarter valued at about $28,000. Whittier Trust Co. boosted its holdings in GE Vernova by 1.9% during the 3rd quarter. Whittier Trust Co. now owns 2,106 shares of the company’s stock valued at $537,000 after acquiring an additional 40 shares during the period. Finally, Sequoia Financial Advisors LLC grew its position in GE Vernova by 30.4% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 20,708 shares of the company’s stock worth $5,280,000 after acquiring an additional 4,823 shares during the last quarter.

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.