GE Vernova (NYSE:GEV) Trading Up 15.6% Following Dividend Announcement

GE Vernova Inc. (NYSE:GEV) rose 15.6% during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $731.00 and last traded at $722.5550. Approximately 11,118,805 shares were traded during mid-day trading, an increase of 227% from the average daily volume of 3,398,087 shares. The stock had previously closed at $625.30.

The newly announced dividend which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 5th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, January 5th. This is an increase from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s payout ratio is presently 16.29%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GEV. Melius raised shares of GE Vernova from a “hold” rating to a “buy” rating and set a $740.00 target price for the company in a report on Monday, September 15th. BMO Capital Markets increased their price objective on shares of GE Vernova from $710.00 to $780.00 and gave the stock an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. restated an “overweight” rating on shares of GE Vernova in a research report on Wednesday. Oppenheimer raised shares of GE Vernova from a “market perform” rating to an “outperform” rating and set a $855.00 target price for the company in a report on Wednesday. Finally, UBS Group raised their price target on GE Vernova from $760.00 to $835.00 and gave the company a “buy” rating in a report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $644.74.

GE Vernova Stock Up 15.6%

The stock has a market capitalization of $196.04 billion, a P/E ratio of 117.68, a PEG ratio of 4.63 and a beta of 1.71. The company has a fifty day moving average price of $591.25 and a 200-day moving average price of $578.74.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, October 22nd. The company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.72 by ($0.08). GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The firm had revenue of $9.97 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter in the prior year, the business earned ($0.35) EPS. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. As a group, research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GE Vernova

Large investors have recently bought and sold shares of the business. Allworth Financial LP raised its stake in GE Vernova by 21.2% during the third quarter. Allworth Financial LP now owns 8,425 shares of the company’s stock valued at $5,181,000 after purchasing an additional 1,476 shares in the last quarter. CMC Financial Group bought a new stake in shares of GE Vernova in the 3rd quarter worth about $311,000. Groupama Asset Managment raised its position in shares of GE Vernova by 9.6% during the 3rd quarter. Groupama Asset Managment now owns 119,019 shares of the company’s stock valued at $73,185,000 after buying an additional 10,392 shares in the last quarter. Cambria Investment Management L.P. bought a new position in shares of GE Vernova in the 3rd quarter valued at about $211,000. Finally, Strategic Advocates LLC bought a new position in shares of GE Vernova in the 3rd quarter valued at about $52,000.

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.