GE Vernova (NYSE:GEV) Shares Up 3.4% - Still a Buy?

Key Points

• GE Vernova shares rose 3.4% in midday trading, with the stock moving as high as $1,195.94 and trading above its prior close on heavier-than-average volume.
• Recent analyst updates have been mostly bullish, with several firms lifting price targets to as high as $1,300 and the stock carrying a Moderate Buy consensus rating and $1,089.88 average target.
• The company posted strong quarterly results, including EPS of $17.44 versus $1.95 expected and revenue of $9.34 billion, while also announcing a $0.50 quarterly dividend payable July 14.

GE Vernova Inc. (NYSE:GEV - Get Free Report) traded up 3.4% during mid-day trading on Monday . The company traded as high as $1,195.94 and last traded at $1,151.4480. Approximately 2,842,706 shares changed hands during trading, an increase of 2% from the average session volume of 2,800,038 shares. The stock had previously closed at $1,113.11.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Oppenheimer set a $1,303.00 price objective on GE Vernova in a research report on Thursday, April 23rd. Barclays upped their price objective on shares of GE Vernova from $993.00 to $1,250.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. Argus set a $1,300.00 price target on GE Vernova in a report on Monday, April 27th. Morgan Stanley raised their price objective on shares of GE Vernova from $817.00 to $960.00 and gave the stock an "overweight" rating in a research report on Monday, March 23rd. Finally, Guggenheim lifted their price target on shares of GE Vernova from $910.00 to $1,300.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,089.88.

GE Vernova Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.65. The firm has a market capitalization of $309.42 billion, a price-to-earnings ratio of 33.54, a PEG ratio of 4.11 and a beta of 1.09. The stock has a 50 day moving average price of $1,042.04 and a two-hundred day moving average price of $881.37.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $15.49. The business had revenue of $9.34 billion for the quarter, compared to analysts' expectations of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business's quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. As a group, analysts expect that GE Vernova Inc. will post 15.05 EPS for the current year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, June 16th. GE Vernova's payout ratio is 5.83%.

Insiders Place Their Bets

In other news, CEO Victor Abate sold 4,819 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the sale, the chief executive officer owned 1,835 shares of the company's stock, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following the sale, the chief accounting officer owned 3,549 shares in the company, valued at $3,758,710.41. This trade represents a 39.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by company insiders.

Hedge Funds Weigh In On GE Vernova

A number of large investors have recently modified their holdings of the business. Onyx Bridge Wealth Group LLC raised its holdings in GE Vernova by 1.3% in the 1st quarter. Onyx Bridge Wealth Group LLC now owns 727 shares of the company's stock valued at $635,000 after acquiring an additional 9 shares during the last quarter. Red Door Wealth Management LLC lifted its position in shares of GE Vernova by 0.6% during the 1st quarter. Red Door Wealth Management LLC now owns 1,774 shares of the company's stock valued at $1,548,000 after acquiring an additional 10 shares during the last quarter. Advance Capital Management Inc. boosted its stake in GE Vernova by 2.2% in the 1st quarter. Advance Capital Management Inc. now owns 461 shares of the company's stock worth $402,000 after purchasing an additional 10 shares during the period. Alpha Financial Partners LLC increased its position in GE Vernova by 2.0% in the 1st quarter. Alpha Financial Partners LLC now owns 514 shares of the company's stock worth $449,000 after purchasing an additional 10 shares during the last quarter. Finally, Bell Investment Advisors Inc boosted its holdings in GE Vernova by 5.2% in the first quarter. Bell Investment Advisors Inc now owns 221 shares of the company's stock worth $193,000 after purchasing an additional 11 shares in the last quarter.

GE Vernova Company Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.

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