5,000 Shares in GE Vernova Inc. $GEV Acquired by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management opened a new position in GE Vernova, buying 5,000 shares worth about $3.27 million in the fourth quarter.
• GE Vernova posted a strong quarterly beat, reporting $17.44 EPS on $9.34 billion in revenue, both above analyst expectations, with revenue up 17% year over year.
• The company also declared a quarterly dividend of $0.50 per share, while analysts remain broadly positive with an average rating of Moderate Buy and an average price target of $1,085.16.

HITE Hedge Asset Management LLC purchased a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 5,000 shares of the company's stock, valued at approximately $3,268,000.

Other institutional investors have also added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. raised its stake in GE Vernova by 344.4% during the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company's stock worth $25,000 after buying an additional 31 shares during the period. Wealth Watch Advisors INC acquired a new position in GE Vernova during the 3rd quarter worth approximately $25,000. Torren Management LLC acquired a new position in GE Vernova during the 4th quarter worth approximately $26,000. ORG Wealth Partners LLC raised its stake in GE Vernova by 241.7% during the 4th quarter. ORG Wealth Partners LLC now owns 41 shares of the company's stock worth $27,000 after buying an additional 29 shares during the period. Finally, Navalign LLC acquired a new position in GE Vernova during the 4th quarter worth approximately $27,000.

GE Vernova Price Performance

GEV opened at $940.14 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65. The company has a market capitalization of $252.63 billion, a price-to-earnings ratio of 27.39, a P/E/G ratio of 3.36 and a beta of 1.23. The firm's fifty day moving average price is $1,008.85 and its two-hundred day moving average price is $831.73. GE Vernova Inc. has a 1 year low of $474.21 and a 1 year high of $1,181.95.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $15.49. The firm had revenue of $9.34 billion for the quarter, compared to the consensus estimate of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 EPS. As a group, analysts anticipate that GE Vernova Inc. will post 14.99 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th 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 0.2%. The ex-dividend date of this dividend is Tuesday, June 16th. GE Vernova's dividend payout ratio (DPR) is presently 5.83%.

Insider Buying and Selling

In related news, CAO Matthew Joseph Potvin sold 2,333 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total transaction 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 trade represents a 39.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Victor Abate sold 4,819 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,835 shares of the company's stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on GEV shares. Oppenheimer set a $1,303.00 price target on GE Vernova in a research note on Thursday, April 23rd. Robert W. Baird boosted their price objective on GE Vernova from $1,008.00 to $1,400.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Rothschild & Co Redburn raised GE Vernova from a "sell" rating to a "buy" rating and boosted their price objective for the stock from $560.00 to $1,100.00 in a report on Monday, March 9th. Susquehanna set a $1,300.00 target price on GE Vernova in a research report on Thursday, April 23rd. Finally, Wells Fargo & Company upped their price target on GE Vernova from $831.00 to $896.00 and gave the stock an "overweight" rating in a report on Tuesday, March 31st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $1,085.16.

GE Vernova Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.