GE Vernova (NYSE:GEV) Stock Price Down 0.6% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s stock price traded down 0.6% on Thursday . The stock traded as low as $365.00 and last traded at $367.53. 611,455 shares changed hands during trading, a decline of 84% from the average session volume of 3,717,457 shares. The stock had previously closed at $369.65.

Analyst Upgrades and Downgrades

GEV has been the topic of a number of research reports. The Goldman Sachs Group increased their price objective on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday, January 24th. Wolfe Research started coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target for the company. JPMorgan Chase & Co. raised their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Finally, Johnson Rice initiated coverage on GE Vernova in a report on Friday, February 7th. They issued a “buy” rating and a $425.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $350.13.

GE Vernova Trading Down 0.4 %

The stock has a market capitalization of $101.52 billion and a price-to-earnings ratio of 66.24. The stock’s 50 day moving average is $360.87 and its 200 day moving average is $290.73.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, January 22nd. The company reported $1.73 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 during the quarter, compared to analysts’ expectations of $10.70 billion. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.27%. GE Vernova’s dividend payout ratio is presently 17.99%.

GE Vernova declared that its Board of Directors has approved a stock repurchase program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to buy 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 Trading of GE Vernova

Institutional investors and hedge funds have recently made changes to their positions in the company. MRP Capital Investments LLC acquired a new stake in GE Vernova during the fourth quarter worth about $25,000. Cedar Mountain Advisors LLC grew its holdings in shares of GE Vernova by 102.6% during the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after purchasing an additional 39 shares during the period. Fairway Wealth LLC increased its position in GE Vernova by 220.0% during the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock worth $26,000 after purchasing an additional 55 shares in the last quarter. Pineridge Advisors LLC raised its holdings in GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after buying an additional 69 shares during the period. Finally, Pinpoint Asset Management Ltd purchased a new position in shares of GE Vernova in the 4th quarter valued at $30,000.

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.