GE Vernova (NYSE:GEV) Shares Down 2.6% – Here’s Why

GE Vernova Inc. (NYSE:GEV)’s share price traded down 2.6% during mid-day trading on Thursday . The company traded as low as $681.20 and last traded at $704.31. 4,738,050 shares were traded during mid-day trading, an increase of 39% from the average session volume of 3,404,909 shares. The stock had previously closed at $723.00.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Bank of America raised their price objective on shares of GE Vernova from $725.00 to $804.00 and gave the company a “buy” rating in a research note on Wednesday. HSBC boosted their price objective on shares of GE Vernova from $570.00 to $580.00 and gave the stock a “hold” rating in a report on Friday, September 5th. Morgan Stanley increased their target price on GE Vernova from $690.00 to $710.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Citigroup decreased their price target on GE Vernova from $670.00 to $658.00 and set a “neutral” rating for the company in a research note on Thursday, October 23rd. Finally, Royal Bank Of Canada raised GE Vernova from a “sector perform” rating to an “outperform” rating and set a $761.00 price target on the stock in a report on Wednesday. Four investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $654.54.

GE Vernova Trading Down 2.6%

The stock has a market capitalization of $191.09 billion, a PE ratio of 114.71, a P/E/G ratio of 4.65 and a beta of 1.71. The stock has a 50 day moving average price of $593.56 and a 200-day moving average price of $579.74.

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

GE Vernova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, January 5th. This is a positive change from GE Vernova’s previous quarterly dividend of $0.25. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.3%. GE Vernova’s payout ratio is 16.29%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Jackson Grant Investment Advisers Inc. raised its holdings in GE Vernova by 344.4% in the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock worth $25,000 after purchasing an additional 31 shares during the period. Wealth Watch Advisors INC purchased a new stake in GE Vernova in the third quarter worth about $25,000. WFA Asset Management Corp purchased a new stake in GE Vernova in the second quarter worth about $29,000. 1248 Management LLC bought a new position in shares of GE Vernova in the first quarter worth about $31,000. Finally, Howard Hughes Medical Institute bought a new position in shares of GE Vernova in the second quarter worth about $31,000.

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.