GE Vernova (NYSE:GEV) Hits New 12-Month High Following Strong Earnings

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s share price reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $633.72 and last traded at $630.08, with a volume of 7055624 shares trading hands. The stock had previously closed at $548.99.

The company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.23. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The firm had revenue of $9.11 billion during the quarter, compared to analysts' expectations of $8.78 billion. During the same quarter in the previous year, the company posted $4.65 EPS. GE Vernova's revenue was up 11.1% on a year-over-year basis.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, July 21st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Monday, July 21st. GE Vernova's payout ratio is presently 24.10%.

Analysts Set New Price Targets

Several equities research analysts have commented on GEV shares. Wolfe Research cut shares of GE Vernova from an "outperform" rating to a "peer perform" rating in a research report on Friday, June 13th. UBS Group began coverage on shares of GE Vernova in a research report on Monday, July 7th. They set a "buy" rating and a $614.00 price target on the stock. BMO Capital Markets upped their target price on shares of GE Vernova from $590.00 to $690.00 and gave the company an "outperform" rating in a report on Thursday. Robert W. Baird upped their target price on shares of GE Vernova from $568.00 to $706.00 and gave the company an "outperform" rating in a report on Thursday. Finally, Jefferies Financial Group cut shares of GE Vernova from a "buy" rating to a "hold" rating and upped their target price for the company from $427.00 to $517.00 in a report on Thursday, May 29th. Eight analysts have rated the stock with a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, GE Vernova has an average rating of "Moderate Buy" and an average price target of $555.43.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its stake in GE Vernova by 3.4% in the fourth quarter. FMR LLC now owns 24,861,833 shares of the company's stock valued at $8,177,803,000 after purchasing an additional 814,155 shares in the last quarter. Vanguard Group Inc. increased its stake in GE Vernova by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,392,613 shares of the company's stock valued at $7,446,577,000 after purchasing an additional 432,830 shares in the last quarter. Capital International Investors increased its stake in GE Vernova by 25.3% in the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company's stock valued at $4,886,164,000 after purchasing an additional 2,994,660 shares in the last quarter. Geode Capital Management LLC increased its stake in GE Vernova by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company's stock valued at $1,898,814,000 after purchasing an additional 195,828 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in GE Vernova by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 3,129,958 shares of the company's stock valued at $955,513,000 after purchasing an additional 214,483 shares in the last quarter.

GE Vernova Stock Up 3.3%

The stock has a market capitalization of $175.47 billion, a P/E ratio of 155.33, a P/E/G ratio of 4.81 and a beta of 1.86. The firm's 50 day simple moving average is $510.80 and its two-hundred day simple moving average is $406.35.

GE Vernova Company 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.