GE Vernova (NYSE:GEV) Trading 3.2% Higher After Analyst Upgrade

Key Points

• GE Vernova's stock rose 3.2% after JPMorgan Chase & Co. upgraded their price target from $715.00 to $740.00, maintaining an overweight rating on the stock.
• Due to a recent surge in trading activity, approximately 3.9 million shares exchanged hands, reflecting a 15% increase from its average daily volume.
• The company also announced a quarterly dividend of $0.25 per share, with an ex-dividend date set for October 20th, leading to an annual yield of 0.2%.

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s stock price was up 3.2% on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $715.00 to $740.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. GE Vernova traded as high as $600.00 and last traded at $594.45. Approximately 3,921,997 shares traded hands during mid-day trading, an increase of 15% from the average daily volume of 3,424,389 shares. The stock had previously closed at $576.00.

GEV has been the topic of a number of other reports. BMO Capital Markets upped their target price on shares of GE Vernova from $690.00 to $710.00 and gave the stock an "outperform" rating in a research report on Thursday. Melius Research set a $740.00 price objective on shares of GE Vernova and gave the stock a "buy" rating in a research note on Monday, September 15th. Wall Street Zen downgraded shares of GE Vernova from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Susquehanna raised their target price on shares of GE Vernova from $740.00 to $750.00 and gave the company a "positive" rating in a research note on Thursday. Finally, Guggenheim downgraded shares of GE Vernova from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $607.48.

Insider Transactions at GE Vernova

In related news, CFO Kenneth Scott Parks sold 3,300 shares of the company's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $620.00, for a total value of $2,046,000.00. Following the transaction, the chief financial officer owned 7,590 shares in the company, valued at $4,705,800. The trade was a 30.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently bought and sold shares of GEV. Norges Bank purchased a new position in GE Vernova in the 2nd quarter worth about $1,809,220,000. Arrowstreet Capital Limited Partnership raised its position in GE Vernova by 273.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,508,317 shares of the company's stock worth $798,126,000 after buying an additional 1,104,747 shares during the last quarter. AQR Capital Management LLC raised its position in GE Vernova by 252.9% in the 1st quarter. AQR Capital Management LLC now owns 1,245,420 shares of the company's stock worth $366,016,000 after buying an additional 892,549 shares during the last quarter. Amundi raised its position in GE Vernova by 109.0% in the 1st quarter. Amundi now owns 1,665,980 shares of the company's stock worth $496,013,000 after buying an additional 868,927 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in GE Vernova by 10,044.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 842,433 shares of the company's stock worth $445,773,000 after buying an additional 834,129 shares during the last quarter.

GE Vernova Stock Performance

The stock has a 50-day simple moving average of $612.65 and a two-hundred day simple moving average of $525.17. The firm has a market cap of $161.82 billion, a PE ratio of 143.24, a price-to-earnings-growth ratio of 4.24 and a beta of 1.72.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.72 by ($0.08). GE Vernova had a return on equity of 13.23% and a net margin of 3.16%.The business had revenue of $9.97 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter last year, the company earned ($0.35) EPS. GE Vernova's revenue for the quarter was up 11.8% on a year-over-year basis. GE Vernova has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Monday, October 20th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Monday, October 20th. GE Vernova's dividend payout ratio is currently 24.10%.

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.

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