GE Vernova (NYSE:GEV) Shares Up 1.6% on Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) traded up 1.6% during trading on Monday after Evercore ISI upgraded the stock to a strong-buy rating. The stock traded as high as $695.05 and last traded at $682.1810. 3,508,592 shares were traded during trading, an increase of 3% from the average session volume of 3,413,360 shares. The stock had previously closed at $671.71.

Other analysts have also issued research reports about the company. Rothschild & Co Redburn reissued a “sell” rating and set a $475.00 price objective on shares of GE Vernova in a research note on Wednesday, October 15th. The Goldman Sachs Group upped their price target on shares of GE Vernova from $735.00 to $840.00 and gave the company a “buy” rating in a report on Tuesday. Glj Research increased their price target on shares of GE Vernova from $702.00 to $758.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Cowen restated a “buy” rating on shares of GE Vernova in a research report on Thursday, October 23rd. Finally, Melius Research set a $740.00 price objective on shares of GE Vernova and gave the company a “buy” rating in a research note on Monday, September 15th. Four analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and an average target price of $680.52.

Institutional Investors Weigh In On GE Vernova

A number of hedge funds and other institutional investors have recently bought and sold shares of GEV. Norges Bank bought a new stake in shares of GE Vernova in the 2nd quarter worth approximately $1,809,220,000. Capital World Investors raised its stake in GE Vernova by 1,907.5% during the third quarter. Capital World Investors now owns 2,156,197 shares of the company’s stock valued at $1,325,842,000 after buying an additional 2,048,792 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in GE Vernova by 273.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,508,317 shares of the company’s stock worth $798,126,000 after acquiring an additional 1,104,747 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of GE Vernova by 252.9% in the first quarter. AQR Capital Management LLC now owns 1,245,420 shares of the company’s stock worth $366,016,000 after acquiring an additional 892,549 shares during the last quarter. Finally, Amundi increased its holdings in shares of GE Vernova by 109.0% during the first quarter. Amundi now owns 1,665,980 shares of the company’s stock valued at $496,013,000 after acquiring an additional 868,927 shares in the last quarter.

GE Vernova Stock Down 10.3%

The firm has a fifty day moving average price of $600.25 and a two-hundred day moving average price of $586.50. The stock has a market capitalization of $167.10 billion, a P/E ratio of 100.30, a P/E/G ratio of 5.20 and a beta of 1.71.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share 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 the consensus estimate 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 for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.35) earnings per share. Sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 5th will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, January 5th. This represents a $2.00 annualized dividend and a yield of 0.3%. This is a positive change from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s dividend payout ratio (DPR) is 16.29%.

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.