HITE Hedge Asset Management LLC Buys Shares of 41,901 GE Vernova Inc. $GEV

Key Points

• HITE Hedge Asset Management LLC purchased 41,901 shares of GE Vernova Inc., valued at approximately $12.79 million, in the first quarter.
• GE Vernova reported quarterly earnings of $1.86 per share, exceeding analysts' expectations, with revenues of $9.11 billion, reflecting an 11.1% year-over-year increase.
• The company recently announced a quarterly dividend of $0.25 per share, with a payout ratio of 24.10%, highlighting its commitment to returning value to shareholders.

HITE Hedge Asset Management LLC purchased a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 41,901 shares of the company's stock, valued at approximately $12,792,000.

Several other institutional investors have also made changes to their positions in the stock. Navigoe LLC acquired a new stake in shares of GE Vernova during the 4th quarter valued at about $27,000. EQ Wealth Advisors LLC bought a new position in GE Vernova during the first quarter valued at approximately $27,000. IMA Advisory Services Inc. acquired a new stake in GE Vernova in the first quarter valued at approximately $27,000. Clarity Asset Management Inc. acquired a new stake in shares of GE Vernova in the 4th quarter valued at $28,000. Finally, Orion Capital Management LLC bought a new stake in GE Vernova in the fourth quarter worth $30,000.

GE Vernova Stock Down 0.7%

GEV stock opened at $621.20 on Monday. GE Vernova Inc. has a twelve month low of $173.07 and a twelve month high of $677.29. The company has a market cap of $169.10 billion, a P/E ratio of 149.69, a PEG ratio of 4.30 and a beta of 1.90. The business has a fifty day moving average of $563.55 and a 200-day moving average of $433.89.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.63 by $0.23. The firm had revenue of $9.11 billion for the quarter, compared to analysts' expectations of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The business's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the firm earned $4.65 earnings per share. As a group, equities research analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, July 21st will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, July 21st. This represents a $1.00 annualized dividend and a yield of 0.2%. GE Vernova's payout ratio is currently 24.10%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Barclays upped their price target on GE Vernova from $580.00 to $706.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. BMO Capital Markets lifted their price target on shares of GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Morgan Stanley lifted their target price on shares of GE Vernova from $511.00 to $675.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Wall Street Zen downgraded GE Vernova from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Bank of America lifted their price target on GE Vernova from $550.00 to $620.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Ten research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, GE Vernova has an average rating of "Moderate Buy" and an average price target of $560.21.

GE Vernova Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.

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