Citizens Financial Group Inc. RI Makes New Investment in GE Vernova Inc. $GEV

Key Points

• Citizens Financial Group acquired 7,096 GE Vernova shares worth approximately $8.34 million during the second quarter, joining several other institutional investors that recently initiated or increased positions.
• GE Vernova reported quarterly revenue of $11.10 billion, up 21.9% year over year and above expectations, but earnings per share of $2.47 missed the $3.17 consensus estimate. Shares opened at $956.69, down 1.0%.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $1,133.15, although CEO Victor Abate recently sold 4,819 shares and insiders now own just 0.21% of the company.

Citizens Financial Group Inc. RI acquired a new position in GE Vernova Inc. (NYSE:GEV - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,096 shares of the company's stock, valued at approximately $8,337,000.

Several other institutional investors have also recently modified their holdings of the company. Cornerstone Financial Management LLC bought a new stake in GE Vernova in the 4th quarter worth approximately $25,000. Wealth Watch Advisors INC purchased a new stake in GE Vernova in the third quarter worth approximately $25,000. Torren Management LLC bought a new position in GE Vernova during the fourth quarter valued at approximately $26,000. Manning & Napier Advisors LLC grew its position in GE Vernova by 68.4% during the first 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 last quarter. Finally, Navalign LLC bought a new position in GE Vernova during the fourth quarter valued at approximately $27,000.

GE Vernova Stock Down 1.0%

Shares of NYSE:GEV opened at $956.69 on Friday. GE Vernova Inc. has a 1 year low of $530.16 and a 1 year high of $1,195.94. The company has a market cap of $254.80 billion, a PE ratio of 27.38, a P/E/G ratio of 3.41 and a beta of 1.21. 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 stock's 50-day moving average is $1,042.72 and its 200 day moving average is $968.13.

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

Wall Street Analysts Forecast Growth

GEV has been the topic of several research reports. Guggenheim lifted their price target on shares of GE Vernova from $1,300.00 to $1,450.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Sanford C. Bernstein upped their price objective on shares of GE Vernova from $1,206.00 to $1,298.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. William Blair reaffirmed an "outperform" rating on shares of GE Vernova in a report on Monday, August 3rd. TD Cowen lifted their target price on shares of GE Vernova from $1,220.00 to $1,235.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Finally, Royal Bank Of Canada boosted their price target on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Two equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,133.15.

Insider Activity

In related news, CEO Victor Abate sold 4,819 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 1,835 shares in the company, valued at $1,739,726.80. This represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.21% of the company's stock.

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.

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