GE Vernova (NYSE:GEV) Trading 2% Higher - Still a Buy?

Key Points

• GE Vernova shares rose 2% in Monday trading, reaching an intraday high of $1,104 and last trading around $1,079, while volume came in below average.
• Wall Street remains bullish on the stock: analysts have issued mostly Buy/Outperform ratings, with a consensus target price of about $1,089.88 and several firms recently raising their price targets.
• Fundamentals look strong, with GE Vernova recently beating earnings expectations and posting 17% revenue growth year over year; the company also paid a quarterly dividend of $0.50 per share.

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s share price was up 2% during mid-day trading on Monday . The stock traded as high as $1,104.00 and last traded at $1,079.2150. Approximately 2,297,316 shares were traded during trading, a decline of 18% from the average daily volume of 2,787,302 shares. The stock had previously closed at $1,057.84.

Analysts Set New Price Targets

A number of equities analysts have commented on GEV shares. Sanford C. Bernstein began coverage on shares of GE Vernova in a research note on Tuesday, June 16th. They set an "outperform" rating and a $1,206.00 target price on the stock. Barclays raised their price target on shares of GE Vernova from $993.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Thursday, April 23rd. JPMorgan Chase & Co. lifted their price target on shares of GE Vernova from $1,000.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Susquehanna set a $1,300.00 price objective on GE Vernova in a report on Thursday, April 23rd. Finally, Erste Group Bank upgraded GE Vernova to a "strong-buy" rating in a research report on Tuesday, March 24th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,089.88.

GE Vernova Stock Performance

The firm's fifty day moving average is $1,037.54 and its 200-day moving average is $910.60. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $290.01 billion, a PE ratio of 31.44, a price-to-earnings-growth ratio of 3.90 and a beta of 1.09.

GE Vernova (NYSE:GEV - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, topping the consensus estimate of $1.95 by $15.49. The company had revenue of $9.34 billion during the quarter, compared to analyst estimates of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. GE Vernova's revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 earnings per share. As a group, research analysts anticipate that GE Vernova Inc. will post 15.06 earnings per share for the current year.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Tuesday, June 16th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. GE Vernova's dividend payout ratio (DPR) is presently 5.83%.

Insider Buying and Selling

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

Hedge Funds Weigh In On GE Vernova

Several hedge funds have recently bought and sold shares of the company. Onyx Bridge Wealth Group LLC increased its holdings in shares of 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 purchasing an additional 9 shares during the period. Red Door Wealth Management LLC grew its position in GE Vernova by 0.6% during the first quarter. Red Door Wealth Management LLC now owns 1,774 shares of the company's stock valued at $1,548,000 after purchasing an additional 10 shares in the last quarter. Advance Capital Management Inc. grew its position in GE Vernova by 2.2% during the first quarter. Advance Capital Management Inc. now owns 461 shares of the company's stock valued at $402,000 after purchasing an additional 10 shares in the last quarter. Alpha Financial Partners LLC increased its stake in GE Vernova by 2.0% in the 1st quarter. Alpha Financial Partners LLC now owns 514 shares of the company's stock valued at $449,000 after buying an additional 10 shares during the period. Finally, Sandy Cove Advisors LLC increased its stake in GE Vernova by 2.6% in the 2nd quarter. Sandy Cove Advisors LLC now owns 389 shares of the company's stock valued at $457,000 after buying an additional 10 shares during the period.

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.

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