GE Vernova Inc. $GEV Shares Sold by Viking Fund Management LLC

Key Points

• Viking Fund Management LLC reduced its stake in GE Vernova Inc. by 24.0%, selling 1,200 shares and holding 3,800 shares worth $2,011,000 by the end of the second quarter.
• Several analysts have revised their price targets for GE Vernova, with TD Cowen raising the target from $390.00 to $685.00 and Melius Research setting it at $740.00, indicating a positive outlook for the stock.
• GE Vernova recently announced a quarterly dividend of $0.25 per share, which represents an annualized yield of 0.2%, and reported positive earnings exceeding consensus estimates.

Viking Fund Management LLC lessened its stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 24.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,800 shares of the company's stock after selling 1,200 shares during the period. Viking Fund Management LLC's holdings in GE Vernova were worth $2,011,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. EQ Wealth Advisors LLC purchased a new position in GE Vernova in the 1st quarter worth approximately $27,000. IMA Advisory Services Inc. bought a new position in shares of GE Vernova in the first quarter worth $27,000. Orion Capital Management LLC purchased a new stake in shares of GE Vernova during the fourth quarter valued at $30,000. Mowery & Schoenfeld Wealth Management LLC boosted its position in GE Vernova by 115.2% during the 1st quarter. Mowery & Schoenfeld Wealth Management LLC now owns 99 shares of the company's stock worth $30,000 after acquiring an additional 53 shares during the period. Finally, 1248 Management LLC acquired a new stake in GE Vernova during the 1st quarter worth about $31,000.

Insider Activity

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following the completion of the transaction, the chief financial officer directly owned 7,590 shares in the company, valued at $4,705,800. This trade represents a 30.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.15% of the company's stock.

GE Vernova Trading Up 2.2%

Shares of NYSE:GEV traded up $13.61 on Friday, hitting $624.61. 4,104,917 shares of the company were exchanged, compared to its average volume of 2,689,348. The firm has a market capitalization of $170.03 billion, a P/E ratio of 150.51, a price-to-earnings-growth ratio of 4.55 and a beta of 1.87. The stock's 50 day moving average price is $617.11 and its 200 day moving average price is $478.45. GE Vernova Inc. has a 1-year low of $242.25 and a 1-year high of $677.29.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, beating analysts' consensus estimates of $1.63 by $0.23. The company had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $8.78 billion. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.65 EPS. GE Vernova has set its FY 2025 guidance at EPS. On average, equities analysts predict that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, July 21st were paid a $0.25 dividend. The ex-dividend date was Monday, July 21st. This represents a $1.00 annualized dividend and a yield of 0.2%. GE Vernova's payout ratio is presently 24.10%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on GEV shares. JPMorgan Chase & Co. boosted their price objective on GE Vernova from $620.00 to $715.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of GE Vernova in a research report on Thursday, July 24th. Barclays raised their price objective on GE Vernova from $580.00 to $706.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Mizuho downgraded GE Vernova from an "outperform" rating to a "neutral" rating and set a $670.00 target price on the stock. in a research note on Monday, July 28th. Finally, Melius Research set a $740.00 target price on shares of GE Vernova and gave the stock a "buy" rating in a report on Monday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $592.35.

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.