GE Vernova (NYSE:GEV) Trading 4.3% Higher - Here's Why

Key Points

• GE Vernova shares rose 4.3% in mid-day trading, with volume running well above average at about 4.23 million shares. The stock traded as high as $920.52 after closing at $867.09 the prior day.
• Analysts turned increasingly bullish, with several firms raising price targets; JPMorgan lifted its target to $1,150 and Guggenheim and Susquehanna set targets at $1,300. Overall, the stock carries a Moderate Buy consensus and an average target price of $1,085.16.
• The company posted a strong quarterly earnings beat, reporting $17.44 EPS versus the $1.95 estimate and revenue of $9.34 billion, up 17% year over year. GE Vernova also announced a quarterly dividend of $0.50 per share, payable July 14.

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s share price rose 4.3% during mid-day trading on Thursday . The company traded as high as $920.52 and last traded at $904.1590. Approximately 4,234,361 shares were traded during mid-day trading, an increase of 54% from the average daily volume of 2,742,564 shares. The stock had previously closed at $867.09.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GEV shares. JPMorgan Chase & Co. upped their price target on GE Vernova from $1,000.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Guggenheim lifted their price objective on shares of GE Vernova from $910.00 to $1,300.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Susquehanna set a $1,300.00 price objective on shares of GE Vernova in a research report on Thursday, April 23rd. Citigroup increased their target price on shares of GE Vernova from $779.00 to $1,110.00 and gave the stock a "neutral" rating in a report on Monday, April 13th. Finally, BMO Capital Markets raised their target price on shares of GE Vernova from $1,110.00 to $1,250.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $1,085.16.

GE Vernova Trading Up 4.3%

The company has a market cap of $242.97 billion, a P/E ratio of 26.34, a PEG ratio of 3.41 and a beta of 1.23. 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 business has a 50 day moving average price of $1,007.32 and a 200-day moving average price of $828.51.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $9.19 billion. During the same period last year, the business earned $0.91 earnings per share. The firm's revenue was up 17.0% on a year-over-year basis. Analysts forecast that GE Vernova Inc. will post 14.99 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

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

Insider Transactions at GE Vernova

In related news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction dated 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 owned 1,835 shares in the company, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Matthew Joseph Potvin sold 2,333 shares of GE Vernova stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $1,059.09, for a total value of $2,470,856.97. Following 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 disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by corporate insiders.

Institutional Trading of GE Vernova

Hedge funds have recently made changes to their positions in the business. FAS Wealth Partners Inc. lifted its holdings in GE Vernova by 5.0% during the 1st quarter. FAS Wealth Partners Inc. now owns 562 shares of the company's stock valued at $491,000 after purchasing an additional 27 shares during the last quarter. Robinswood Financial LLC bought a new position in GE Vernova during the first quarter worth $79,000. Pine Valley Investments Ltd Liability Co increased its holdings in shares of GE Vernova by 93.8% in the first quarter. Pine Valley Investments Ltd Liability Co now owns 5,662 shares of the company's stock valued at $4,942,000 after purchasing an additional 2,741 shares during the last quarter. Wealthquest Corp increased its holdings in shares of GE Vernova by 1.2% in the first quarter. Wealthquest Corp now owns 924 shares of the company's stock valued at $807,000 after purchasing an additional 11 shares during the last quarter. Finally, DV Trading LLC raised its position in shares of GE Vernova by 105.5% in the first quarter. DV Trading LLC now owns 520 shares of the company's stock valued at $454,000 after purchasing an additional 267 shares during the period.

GE Vernova Company Profile

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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