GE Vernova (NYSE:GEV) Earns Outperform Rating from Analysts at CICC Research

CICC Research assumed coverage on shares of GE Vernova (NYSE:GEV) in a research report report published on Wednesday morning,Benzinga reports. The brokerage issued an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group raised 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. JPMorgan Chase & Co. raised their target price on GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Citigroup raised their target price on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Marathon Capitl raised GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $453.00 target price on shares of GE Vernova in a research report on Tuesday, January 28th. 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $350.13.

GE Vernova Stock Down 8.9 %

NYSE GEV opened at $327.68 on Wednesday. GE Vernova has a twelve month low of $115.00 and a twelve month high of $447.50. The company has a market cap of $90.41 billion and a price-to-earnings ratio of 58.93. The business’s fifty day moving average is $364.41 and its 200 day moving average is $299.31.

GE Vernova (NYSE:GEV) last released its quarterly earnings data 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). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, research analysts anticipate that GE Vernova will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The company 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. This represents a $1.00 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

GE Vernova declared that its board has initiated 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 buy up to 6.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently added to or reduced their stakes in GEV. Ascent Group LLC boosted its stake in shares of GE Vernova by 2.3% in the 4th quarter. Ascent Group LLC now owns 1,908 shares of the company’s stock worth $628,000 after buying an additional 42 shares during the last quarter. Aberdeen Wealth Management LLC purchased a new position in shares of GE Vernova in the 4th quarter worth approximately $229,000. Vermillion Wealth Management Inc. bought a new stake in shares of GE Vernova in the 4th quarter worth approximately $80,000. Mackenzie Financial Corp raised its holdings in shares of GE Vernova by 5.1% in the 4th quarter. Mackenzie Financial Corp now owns 24,808 shares of the company’s stock worth $8,160,000 after purchasing an additional 1,194 shares during the period. Finally, Jupiter Wealth Management LLC bought a new stake in shares of GE Vernova in the 4th quarter worth approximately $329,000.

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.