GE Vernova (NYSE:GEV) Shares Up 0% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s share price was up 0% during trading on Thursday . The company traded as high as $348.51 and last traded at $335.35. Approximately 1,497,149 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 3,857,628 shares. The stock had previously closed at $335.24.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Citigroup increased their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Guggenheim cut shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price target for the company. in a research report on Friday, January 24th. Johnson Rice initiated coverage on shares of GE Vernova in a research report on Friday, February 7th. They issued a “buy” rating and a $425.00 price objective on the stock. Truist Financial upped their price objective on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Finally, CICC Research started coverage on GE Vernova in a research note on Wednesday, February 19th. They issued an “outperform” rating on the stock. Eight 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’s stock. According to MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $350.13.

GE Vernova Stock Performance

The stock has a fifty day simple moving average of $364.13 and a 200 day simple moving average of $303.37. The firm has a market cap of $89.84 billion and a P/E ratio of 58.57.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. Research analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On GE Vernova

Hedge funds and other institutional investors have recently modified their holdings of the company. Howard Capital Management Group LLC purchased a new stake in GE Vernova during the third quarter valued at $213,000. J.W. Cole Advisors Inc. lifted its stake in shares of GE Vernova by 2.0% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 3,423 shares of the company’s stock worth $873,000 after purchasing an additional 67 shares during the period. Pallas Capital Advisors LLC purchased a new position in shares of GE Vernova in the third quarter worth approximately $436,000. Valmark Advisers Inc. grew its position in GE Vernova by 38.2% during the third quarter. Valmark Advisers Inc. now owns 2,343 shares of the company’s stock valued at $597,000 after buying an additional 648 shares during the period. Finally, Childress Capital Advisors LLC purchased a new stake in GE Vernova during the third quarter valued at approximately $225,000.

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.