GE Vernova (NYSE:GEV) Trading 1.9% Higher - Time to Buy?

Key Points

• GE Vernova's stock price increased by 1.9% to $667.37 on Thursday, despite a significant drop in trading volume.
• Research firms have raised their price targets for GE Vernova, with Citigroup increasing it to $670.00 and Wells Fargo to $697.00, reflecting a strong bullish sentiment for the stock.
• The company reported earnings of $1.86 per share, exceeding estimates, driven by a 11.1% year-over-year revenue growth of $9.11 billion.

GE Vernova Inc. (NYSE:GEV - Get Free Report) traded up 1.9% on Thursday . The company traded as high as $677.29 and last traded at $667.37. 1,324,321 shares traded hands during trading, a decline of 64% from the average session volume of 3,662,395 shares. The stock had previously closed at $655.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Wells Fargo & Company raised their price target on GE Vernova from $474.00 to $697.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Mizuho downgraded GE Vernova from an "outperform" rating to a "neutral" rating and set a $670.00 price target on the stock. in a research report on Monday. Morgan Stanley raised their price target on GE Vernova from $511.00 to $675.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Citigroup raised their price target on GE Vernova from $544.00 to $670.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Seaport Res Ptn upgraded GE Vernova to a "strong-buy" rating in a research report on Thursday, July 10th. Ten investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $560.21.

GE Vernova Stock Performance

The business has a 50-day moving average price of $526.57 and a 200 day moving average price of $413.87. The stock has a market capitalization of $179.71 billion, a P/E ratio of 159.07, a PEG ratio of 4.53 and a beta of 1.86.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.63 by $0.23. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company had revenue of $9.11 billion during the quarter, compared to analyst estimates of $8.78 billion. During the same period in the previous year, the business earned $4.65 EPS. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, research analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Investors 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 yield of 0.2%. The ex-dividend date is Monday, July 21st. GE Vernova's payout ratio is presently 24.10%.

Hedge Funds Weigh In On GE Vernova

Hedge funds have recently added to or reduced their stakes in the company. Navigoe LLC purchased a new stake in GE Vernova during the 4th quarter valued at $27,000. EQ Wealth Advisors LLC bought a new stake in shares of GE Vernova during the 1st quarter valued at $27,000. IMA Advisory Services Inc. bought a new position in GE Vernova in the 1st quarter worth $27,000. Clarity Asset Management Inc. bought a new position in GE Vernova in the 4th quarter worth $28,000. Finally, WFA Asset Management Corp bought a new position in GE Vernova in the 2nd quarter worth $29,000.

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.