GE Vernova (NYSE:GEV) Shares Up 3.7% - Time to Buy?

Key Points

• GE Vernova shares rose 3.7% on Friday, trading near $940 after touching an intraday high of $943.68, with volume roughly in line with its average session pace.
• Wall Street remains generally upbeat on the stock: several firms recently raised price targets, and the consensus rating is Moderate Buy with an average target of about $1,085.
• The company reported a very strong latest quarter, with EPS of $17.44 versus expectations of $1.95 and revenue of $9.34 billion, while also announcing a quarterly dividend of $0.50 per share.

GE Vernova Inc. (NYSE:GEV - Get Free Report) shares shot up 3.7% on Friday . The stock traded as high as $943.68 and last traded at $940.1420. 2,730,808 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 2,742,634 shares. The stock had previously closed at $906.79.

Analysts Set New Price Targets

Several research firms have weighed in on GEV. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $1,328.00 price target on shares of GE Vernova in a research note on Friday, April 24th. Citigroup lifted their price target on shares of GE Vernova from $779.00 to $1,110.00 and gave the company a "neutral" rating in a research note on Monday, April 13th. Erste Group Bank raised shares of GE Vernova to a "strong-buy" rating in a research note on Tuesday, March 24th. Robert W. Baird lifted their price target on shares of GE Vernova from $1,008.00 to $1,400.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Finally, BMO Capital Markets raised their price objective on shares of GE Vernova from $1,110.00 to $1,250.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,085.16.

GE Vernova Price Performance

The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19. The business's 50-day moving average is $1,007.95 and its two-hundred day moving average is $830.97. The company has a market capitalization of $252.63 billion, a P/E ratio of 27.39, a price-to-earnings-growth ratio of 3.21 and a beta of 1.23.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $15.49. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The business had revenue of $9.34 billion during the quarter, compared to the consensus estimate of $9.19 billion. During the same quarter last year, the company posted $0.91 earnings per share. The firm's quarterly revenue was up 17.0% compared to the same quarter last year. As a group, analysts predict that GE Vernova Inc. will post 14.99 earnings per share for the current year.

GE Vernova Dividend Announcement

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

Insider Activity at GE Vernova

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

Hedge Funds Weigh In On GE Vernova

Hedge funds and other institutional investors have recently bought and sold shares of the stock. World Investment Advisors raised its position in shares of GE Vernova by 19.9% during the 4th quarter. World Investment Advisors now owns 13,497 shares of the company's stock worth $8,821,000 after acquiring an additional 2,241 shares in the last quarter. US Bancorp DE raised its position in shares of GE Vernova by 2.2% during the 3rd quarter. US Bancorp DE now owns 100,542 shares of the company's stock worth $61,824,000 after acquiring an additional 2,163 shares in the last quarter. Vanguard Group Inc. raised its position in shares of GE Vernova by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 24,815,463 shares of the company's stock worth $15,259,028,000 after acquiring an additional 150,892 shares in the last quarter. Varenne Capital Partners acquired a new stake in shares of GE Vernova during the 3rd quarter worth about $4,872,000. Finally, Merit Financial Group LLC grew its stake in GE Vernova by 17.4% during the 4th quarter. Merit Financial Group LLC now owns 15,080 shares of the company's stock worth $9,856,000 after buying an additional 2,230 shares during the last quarter.

About GE Vernova

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.