Patten Group Inc. Takes Position in GE Vernova Inc. (NYSE:GEV)

Patten Group Inc. acquired a new stake in GE Vernova Inc. (NYSE:GEV) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,281 shares of the company’s stock, valued at approximately $421,000.

A number of other institutional investors also recently modified their holdings of GEV. Armstrong Advisory Group Inc. lifted its position in shares of GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after acquiring an additional 27 shares during the period. Hengehold Capital Management LLC lifted its position in shares of GE Vernova by 2.4% during the 4th quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock valued at $405,000 after acquiring an additional 29 shares during the period. AdvisorNet Financial Inc lifted its position in shares of GE Vernova by 1.6% during the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock valued at $611,000 after acquiring an additional 30 shares during the period. Mutual Advisors LLC lifted its position in shares of GE Vernova by 1.2% during the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after acquiring an additional 31 shares during the period. Finally, WASHINGTON TRUST Co lifted its position in shares of GE Vernova by 1.9% during the 4th quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock valued at $560,000 after acquiring an additional 31 shares during the period.

GE Vernova Stock Performance

GEV opened at $312.56 on Wednesday. The firm has a market cap of $86.24 billion and a P/E ratio of 56.22. The firm has a 50-day moving average of $362.56 and a 200 day moving average of $308.16. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $447.50.

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

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.32%. GE Vernova’s dividend payout ratio is presently 17.99%.

GE Vernova declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GEV. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. TD Cowen started coverage on shares of GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective on the stock. Wolfe Research started coverage on shares of GE Vernova in a report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective on the stock. BMO Capital Markets lowered their price objective on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Morgan Stanley upped their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Eight equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and a consensus target price of $347.83.

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.