BlackRock Inc. Acquires Shares of 21,763,980 GE Vernova Inc. $GEV

Key Points

• BlackRock acquired 21.76 million GE Vernova shares during the second quarter, worth approximately $25.57 billion and representing an 8.17% ownership stake.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year, but its $2.47 earnings per share missed analysts’ $3.17 consensus estimate.
• Shares opened at $956.69, down 1.0%, while analysts maintained an overall “Moderate Buy” consensus with an average price target of $1,133.15.

BlackRock Inc. acquired a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,763,980 shares of the company's stock, valued at approximately $25,569,630,000. BlackRock Inc. owned 8.17% of GE Vernova at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Manning & Napier Advisors LLC raised its holdings in GE Vernova by 68.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock valued at $26,000 after acquiring an additional 13 shares during the period. Miller Global Investments LLC lifted its position in GE Vernova by 63.6% during the second quarter. Miller Global Investments LLC now owns 36 shares of the company's stock worth $42,000 after acquiring an additional 14 shares during the last quarter. Torren Management LLC acquired a new stake in GE Vernova during the fourth quarter worth approximately $26,000. Cornerstone Financial Management LLC bought a new stake in shares of GE Vernova during the fourth quarter worth approximately $25,000. Finally, Wealth Watch Advisors INC bought a new stake in shares of GE Vernova during the third quarter worth approximately $25,000.

GE Vernova Stock Down 1.0%

NYSE GEV opened at $956.69 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.62 and a debt-to-equity ratio of 0.21. GE Vernova Inc. has a 1-year low of $530.16 and a 1-year high of $1,195.94. The company has a 50 day moving average of $1,042.72 and a 200-day moving average of $968.13. The company has a market cap of $254.80 billion, a price-to-earnings ratio of 27.38, a PEG ratio of 3.41 and a beta of 1.21.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.17 by ($0.70). The company had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The company's quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.86 earnings per share. On average, equities research analysts expect that GE Vernova Inc. will post 15.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction on Monday, June 1st. The stock was sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GEV has been the topic of several research reports. Mizuho upped their target price on GE Vernova from $913.00 to $949.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of GE Vernova in a research note on Tuesday, July 21st. BNP Paribas Exane downgraded GE Vernova from an "outperform" rating to a "neutral" rating and set a $1,190.00 price target for the company. in a research note on Monday, April 27th. JPMorgan Chase & Co. upped their price objective on GE Vernova from $1,302.00 to $1,330.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of GE Vernova in a research report on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, GE Vernova has a consensus rating of "Moderate Buy" and a consensus target price of $1,133.15.

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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