10,815 Shares in GE Vernova Inc. $GEV Bought by Old West Investment Management LLC

Key Points

• Old West Investment Management purchased 10,815 GE Vernova shares during the second quarter, worth approximately $12.7 million. Several other institutional investors also increased or initiated sizable positions.
• Analyst sentiment remains broadly positive: GE Vernova has a consensus “Moderate Buy” rating and an average price target of $1,133.15, with several firms recently raising their targets.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year and above estimates, but earnings of $2.47 per share fell short of the $3.17 consensus forecast. CEO Victor Abate also sold 4,819 shares, leaving insiders with 0.21% ownership.

Old West Investment Management LLC purchased a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 10,815 shares of the company's stock, valued at approximately $12,706,000.

Other hedge funds have also added to or reduced their stakes in the company. Auto Owners Insurance Co lifted its position in shares of GE Vernova by 110,973.4% in the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company's stock worth $2,278,224,000 after purchasing an additional 34,826,773 shares during the period. Norges Bank purchased a new position in shares of GE Vernova during the fourth quarter valued at about $2,283,114,000. Northwestern Mutual Wealth Management Co. raised its stake in GE Vernova by 5,171.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company's stock worth $1,603,114,000 after buying an additional 2,406,326 shares in the last quarter. Bank of New York Mellon Corp bought a new position in GE Vernova in the second quarter worth about $2,497,472,000. Finally, Corient Private Wealth LLC raised its stake in GE Vernova by 2,802.8% in the fourth quarter. Corient Private Wealth LLC now owns 1,608,714 shares of the company's stock worth $1,051,407,000 after buying an additional 1,553,295 shares in the last quarter.

Insider Activity

In related news, CEO Victor Abate sold 4,819 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares in the company, valued at $1,739,726.80. The trade was a 72.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Sanford C. Bernstein lifted their price objective on GE Vernova from $1,206.00 to $1,298.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Jefferies Financial Group reissued a "buy" rating on shares of GE Vernova in a research report on Monday, July 27th. Weiss Ratings restated a "buy (b)" rating on shares of GE Vernova in a research note on Tuesday, July 21st. Royal Bank Of Canada lifted their price target on GE Vernova from $1,195.00 to $1,225.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Finally, Oppenheimer upped their price target on GE Vernova from $1,303.00 to $1,338.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, GE Vernova has a consensus rating of "Moderate Buy" and an average price target of $1,133.15.

GE Vernova Price Performance

Shares of GEV opened at $956.69 on Friday. GE Vernova Inc. has a fifty-two week low of $530.16 and a fifty-two week high of $1,195.94. The firm's 50-day simple moving average is $1,042.72 and its two-hundred day simple moving average is $968.13. The stock has a market cap of $254.80 billion, a PE ratio of 27.38, a price-to-earnings-growth ratio of 3.45 and a beta of 1.21. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results 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 company had revenue of $11.10 billion during the quarter, compared to analysts' expectations of $10.79 billion. During the same period in the prior year, the company posted $1.86 earnings per share. The company's revenue was up 21.9% on a year-over-year basis. Analysts anticipate that GE Vernova Inc. will post 15.57 earnings per share for the current fiscal year.

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.

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