Cove Private Wealth LLC Acquires New Shares in GE Vernova Inc. $GEV

Key Points

• Cove Private Wealth LLC established a new position in GE Vernova (NYSE:GEV) in Q4, buying 1,487 shares valued at about $972,000.
• GE Vernova reported a blowout quarter with EPS $13.39 vs. consensus $2.99 and revenue of $10.96 billion (vs. $10.21B expected); the stock is trading near $992 with a market cap of roughly $266.8 billion.
• The firm announced a quarterly dividend of $0.50 per share (annualized $2.00, yield ~0.2%, ex-dividend March 17), and analysts remain broadly positive with an average rating of Buy and an average price target of $889.30 (Morgan Stanley raised its target to $960).

Cove Private Wealth LLC purchased a new position in GE Vernova Inc. (NYSE:GEV - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,487 shares of the company's stock, valued at approximately $972,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in GEV. Jackson Grant Investment Advisers Inc. lifted its position in shares of GE Vernova by 344.4% in the third 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 last quarter. Wealth Watch Advisors INC acquired a new stake in shares of GE Vernova in the third quarter worth about $25,000. ORG Wealth Partners LLC lifted its position in shares of GE Vernova by 241.7% in the fourth 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 last quarter. Bay Harbor Wealth Management LLC lifted its position in shares of GE Vernova by 537.5% in the third quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company's stock worth $31,000 after buying an additional 43 shares during the last quarter. Finally, Monetary Management Group Inc. acquired a new stake in shares of GE Vernova in the second quarter worth about $32,000.

GE Vernova Stock Performance

NYSE GEV opened at $992.16 on Tuesday. GE Vernova Inc. has a twelve month low of $306.21 and a twelve month high of $1,007.38. The stock has a market capitalization of $266.75 billion, a PE ratio of 55.74, a P/E/G ratio of 3.90 and a beta of 1.43. The stock has a 50-day simple moving average of $851.93 and a 200 day simple moving average of $705.30.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $13.39 earnings per share for the quarter, topping the consensus estimate of $2.99 by $10.40. GE Vernova had a return on equity of 46.91% and a net margin of 12.83%.The business had revenue of $10.96 billion during the quarter, compared to analysts' expectations of $10.21 billion. During the same quarter in the previous year, the firm earned $1.73 EPS. The firm's revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 17th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, March 17th. GE Vernova's payout ratio is currently 11.24%.

Analyst Ratings Changes

GEV has been the subject of a number of analyst reports. Morgan Stanley boosted their price target on GE Vernova from $817.00 to $960.00 and gave the stock an "overweight" rating in a research report on Monday, March 23rd. Mizuho set a $714.00 price target on GE Vernova in a research report on Tuesday, February 3rd. UBS Group reaffirmed a "buy" rating on shares of GE Vernova in a research report on Thursday, January 29th. Robert W. Baird set a $923.00 price target on GE Vernova and gave the stock an "outperform" rating in a research report on Wednesday, February 4th. Finally, Weiss Ratings raised GE Vernova from a "hold (c)" rating to a "buy (b-)" rating in a research report on Thursday, February 5th. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $889.30.

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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