GE Vernova (NYSE:GEV) Shares Up 2.5% - Here's Why

GE Vernova Inc. (NYSE:GEV - Get Free Report) shares traded up 2.5% during trading on Monday . The stock traded as high as $492.53 and last traded at $490.19. 861,615 shares traded hands during trading, a decline of 74% from the average session volume of 3,271,853 shares. The stock had previously closed at $478.45.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Bank of America raised their price target on GE Vernova from $520.00 to $550.00 and gave the stock a "buy" rating in a research report on Wednesday, June 11th. Truist Financial set a $440.00 price objective on GE Vernova in a research note on Thursday, March 27th. Royal Bank Of Canada reduced their price objective on GE Vernova from $453.00 to $445.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 18th. Citigroup reduced their price objective on GE Vernova from $437.00 to $354.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Guggenheim reiterated a "buy" rating and issued a $380.00 price objective on shares of GE Vernova in a research note on Thursday, April 24th. Eight equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, GE Vernova has a consensus rating of "Moderate Buy" and an average target price of $404.56.

GE Vernova Price Performance

The stock has a 50 day simple moving average of $422.24 and a two-hundred day simple moving average of $369.65. The company has a market capitalization of $133.77 billion, a price-to-earnings ratio of 70.62, a PEG ratio of 3.81 and a beta of 1.97.

GE Vernova (NYSE:GEV - Get Free Report) last released 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 return on equity of 10.10% and a net margin of 5.42%. The firm had revenue of $8.03 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter last year, the company posted ($0.47) earnings per share. The business's revenue was up 10.6% on a year-over-year basis. Equities research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, April 18th were issued a $0.25 dividend. The ex-dividend date was Thursday, April 17th. This represents a $1.00 annualized dividend and a dividend yield of 0.20%. GE Vernova's dividend payout ratio is currently 14.41%.

Institutional Trading of GE Vernova

Several hedge funds have recently modified their holdings of GEV. MRP Capital Investments LLC acquired a new stake in shares of GE Vernova in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC lifted its holdings in shares of GE Vernova by 220.0% in the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company's stock valued at $26,000 after buying an additional 55 shares during the period. Navigoe LLC acquired a new position in GE Vernova during the fourth quarter worth $27,000. EQ Wealth Advisors LLC acquired a new position in GE Vernova during the first quarter worth $27,000. Finally, IMA Advisory Services Inc. acquired a new position in GE Vernova during the first quarter worth $27,000.

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.