GE Vernova (NYSE:GEV) Hits New 12-Month High After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday after BMO Capital Markets raised their price target on the stock from $522.00 to $590.00. BMO Capital Markets currently has an outperform rating on the stock. GE Vernova traded as high as $537.22 and last traded at $522.09, with a volume of 1424359 shares changing hands. The stock had previously closed at $530.28.

Several other equities research analysts have also issued reports on the stock. UBS Group assumed coverage on shares of GE Vernova in a report on Monday. They set a "buy" rating and a $614.00 price target on the stock. Barclays lifted their price target on shares of GE Vernova from $500.00 to $550.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Guggenheim reaffirmed a "buy" rating and set a $380.00 price target on shares of GE Vernova in a report on Thursday, April 24th. Morgan Stanley lifted their price target on shares of GE Vernova from $422.00 to $511.00 and gave the company an "overweight" rating in a report on Tuesday, June 24th. Finally, Truist Financial set a $440.00 price target on shares of GE Vernova in a report on Thursday, March 27th. Seven analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $450.13.

Hedge Funds Weigh In On GE Vernova

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Little House Capital LLC bought a new position in GE Vernova during the second quarter worth about $290,000. IAM Advisory LLC lifted its holdings in shares of GE Vernova by 4.1% in the second quarter. IAM Advisory LLC now owns 1,984 shares of the company's stock worth $1,050,000 after buying an additional 78 shares in the last quarter. Everpar Advisors LLC lifted its holdings in shares of GE Vernova by 16.9% in the second quarter. Everpar Advisors LLC now owns 984 shares of the company's stock worth $521,000 after buying an additional 142 shares in the last quarter. PTM Wealth Management LLC purchased a new stake in shares of GE Vernova in the second quarter worth about $208,000. Finally, Parisi Gray Wealth Management lifted its holdings in shares of GE Vernova by 47.6% in the second quarter. Parisi Gray Wealth Management now owns 2,408 shares of the company's stock worth $1,274,000 after buying an additional 777 shares in the last quarter.

GE Vernova Price Performance

The stock has a market capitalization of $144.68 billion, a PE ratio of 76.38, a P/E/G ratio of 4.08 and a beta of 1.86. The business's fifty day moving average price is $467.60 and its 200-day moving average price is $385.87.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.54. GE Vernova had a net margin of 5.42% and a return on equity of 10.10%. The firm had revenue of $8.03 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the prior year, the firm posted ($0.47) earnings per share. The company's revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, July 21st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend is Monday, July 21st. GE Vernova's payout ratio is 14.41%.

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.