GE Vernova (NYSE:GEV) Shares Down 1.9% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) fell 1.9% on Thursday . The stock traded as low as $997.12 and last traded at $998.35. 1,687,078 shares were traded during mid-day trading, a decline of 40% from the average session volume of 2,803,417 shares. The stock had previously closed at $1,017.96.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. TD Cowen lifted their price objective on shares of GE Vernova from $1,220.00 to $1,235.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. BNP Paribas Exane lowered shares of GE Vernova from an “outperform” rating to a “neutral” rating and set a $1,190.00 price target on the stock. in a research note on Monday, April 27th. Guggenheim lifted their price target on GE Vernova from $1,300.00 to $1,450.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Sanford C. Bernstein boosted their price objective on GE Vernova from $1,206.00 to $1,298.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. Finally, Zacks Research lowered GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,133.15.

GE Vernova Price Performance

The stock’s fifty day moving average price is $1,026.14 and its 200-day moving average price is $942.64. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. The firm has a market cap of $265.89 billion, a price-to-earnings ratio of 28.57, a price-to-earnings-growth ratio of 3.63 and a beta of 1.21.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The firm had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.79 billion. During the same period in the prior year, the business posted $1.86 EPS. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. Equities research analysts predict that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova’s payout ratio is currently 5.72%.

Insiders Place Their Bets

In related news, CEO Victor Abate sold 4,819 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the transaction, the chief executive officer directly owned 1,835 shares of the company’s stock, valued at approximately $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the completion of the sale, the chief accounting officer directly owned 3,549 shares of the company’s stock, valued at approximately $3,758,710.41. This represents a 39.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.21% of the company’s stock.

Institutional Trading of GE Vernova

Institutional investors have recently made changes to their positions in the stock. Lynch Asset Management Inc. acquired a new position in GE Vernova in the 2nd quarter valued at approximately $587,000. SCS Capital Management LLC acquired a new stake in shares of GE Vernova during the 2nd quarter valued at $321,000. Silverlake Wealth Management LLC acquired a new stake in shares of GE Vernova during the 2nd quarter valued at $1,217,000. M3 Wealth Management LLC purchased a new position in shares of GE Vernova during the 2nd quarter valued at $7,200,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of GE Vernova during the 2nd quarter valued at $2,497,472,000.

About GE Vernova

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.