GE Vernova (NYSE:GEV) Shares Gap Down - Here's What Happened

GE Vernova Inc. (NYSE:GEV - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $420.49, but opened at $339.60. GE Vernova shares last traded at $341.49, with a volume of 4,488,771 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on GEV shares. Wells Fargo & Company upped their target price on GE Vernova from $385.00 to $411.00 and gave the stock an "overweight" rating in a research report on Friday, December 13th. Citigroup increased their price objective on GE Vernova from $361.00 to $437.00 and gave the stock a "neutral" rating in a report on Thursday. TD Cowen initiated coverage on shares of GE Vernova in a research note on Thursday, December 5th. They issued a "buy" rating and a $400.00 target price for the company. Jefferies Financial Group increased their price target on shares of GE Vernova from $348.00 to $391.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $376.00 price objective on shares of GE Vernova in a research note on Wednesday, December 11th. Eight analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $339.73.

GE Vernova Stock Down 21.6 %

The firm has a 50-day moving average of $353.38 and a 200 day moving average of $273.64. The stock has a market capitalization of $90.86 billion and a P/E ratio of 59.29.

GE Vernova (NYSE:GEV - Get Free Report) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts' consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm's revenue for the quarter was up 5.1% on a year-over-year basis. Analysts predict that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date is Friday, December 20th. GE Vernova's payout ratio is 17.99%.

GE Vernova declared that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Armstrong Advisory Group Inc. grew its position in GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company's stock worth $262,000 after acquiring an additional 27 shares during the last quarter. Hengehold Capital Management LLC boosted its stake in GE Vernova by 2.4% in the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company's stock worth $405,000 after purchasing an additional 29 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in shares of GE Vernova by 1.6% during the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company's stock worth $611,000 after purchasing an additional 30 shares during the last quarter. Mutual Advisors LLC increased its stake in shares of GE Vernova by 1.2% in the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company's stock valued at $888,000 after buying an additional 31 shares in the last quarter. Finally, Pittenger & Anderson Inc. raised its holdings in shares of GE Vernova by 28.0% in the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company's stock valued at $41,000 after buying an additional 35 shares during the last quarter.

About GE Vernova

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.