Allworth Financial LP Cuts Stock Position in GE Vernova Inc. $GEV

Key Points

• Allworth Financial reduced its GE Vernova stake by 38.1% in the second quarter, selling 6,228 shares and retaining 10,110 shares valued at approximately $11.9 million.
• GE Vernova reported 21.9% year-over-year revenue growth to $11.1 billion, exceeding estimates, but quarterly EPS of $2.47 missed consensus by $0.70. Shares opened at $970.55, below their 52-week high of $1,195.94.
• Wall Street remains broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $1,155.28; several firms recently raised their targets, including Guggenheim to $1,450.

Allworth Financial LP decreased its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 38.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,110 shares of the company's stock after selling 6,228 shares during the quarter. Allworth Financial LP's holdings in GE Vernova were worth $11,877,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. California State Teachers Retirement System lifted its stake in shares of GE Vernova by 116,092.4% during the second quarter. California State Teachers Retirement System now owns 483,330,355 shares of the company's stock worth $567,845,501,000 after purchasing an additional 482,914,381 shares in the last quarter. Auto Owners Insurance Co raised its holdings in shares of GE Vernova by 110,973.4% during the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company's stock valued at $2,278,224,000 after buying an additional 34,826,773 shares during the period. BlackRock Inc. acquired a new position in GE Vernova during the 2nd quarter worth approximately $25,569,630,000. Norges Bank purchased a new position in GE Vernova in the 4th quarter worth approximately $2,283,114,000. Finally, Bank of America Corp DE acquired a new stake in GE Vernova in the second quarter valued at approximately $2,961,612,000.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $970.55 on Wednesday. The firm has a market cap of $258.49 billion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 4.38 and a beta of 1.15. The firm's 50-day simple moving average is $1,009.73 and its 200-day simple moving average is $981.53. 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 Inc. has a 1 year low of $530.16 and a 1 year high of $1,195.94.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.70). The company had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.79 billion. GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The business's revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.86 EPS. Equities analysts forecast that GE Vernova Inc. will post 15.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GEV. Oppenheimer lifted their price target on shares of 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. Sanford C. Bernstein boosted their price target on GE Vernova from $1,206.00 to $1,298.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Guggenheim increased 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. Mizuho lifted their price objective on GE Vernova from $913.00 to $949.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Finally, TD Cowen upped their target price on 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. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,155.28.

GE Vernova Profile

GE Vernova Inc NYSE: GEV is an energy technology company that provides equipment, software and services for electricity generation, transmission and distribution. Its portfolio is designed to support power systems across a range of energy sources, including natural gas, nuclear, hydroelectric, wind and solar power, as well as battery storage.

The company operates through three primary businesses: Power, Wind and Electrification. Power supplies gas and steam turbines, generators, nuclear power technologies, hydroelectric equipment and related maintenance services.

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