GE Vernova (NYSE:GEV) Trading Down 1.5% - What's Next?

Key Points

• GE Vernova shares fell 1.5% in Tuesday trading, with heavy volume of 3.83 million shares, as the stock slipped from a prior close of $933.85 to around $919.59.
• Analysts remain broadly positive despite one downgrade: Zacks cut the stock to hold, while several firms raised price targets, leaving GE Vernova with a consensus rating of Moderate Buy and an average target of $1,090.76.
• The company posted strong quarterly results, reporting EPS of $17.44 versus estimates of $1.95 and revenue of $9.34 billion, up 17% year over year; it also announced a quarterly dividend of $0.50 per share.

Shares of GE Vernova Inc. (NYSE:GEV - Get Free Report) fell 1.5% during mid-day trading on Tuesday . The stock traded as low as $878.00 and last traded at $919.5860. 3,826,792 shares were traded during trading, an increase of 41% from the average session volume of 2,705,002 shares. The stock had previously closed at $933.85.

Analyst Ratings Changes

Several brokerages recently issued reports on GEV. Zacks Research cut GE Vernova from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. BMO Capital Markets lifted their price objective on GE Vernova from $1,110.00 to $1,250.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Citigroup boosted their price target on GE Vernova from $779.00 to $1,110.00 and gave the stock a "neutral" rating in a report on Monday, April 13th. JPMorgan Chase & Co. boosted their price target on GE Vernova from $1,000.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Finally, TD Cowen boosted their price target on GE Vernova from $780.00 to $1,220.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Two research 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 stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,090.76.

GE Vernova Price Performance

The company has a 50 day simple moving average of $1,004.98 and a 200-day simple moving average of $824.07. The stock has a market cap of $247.11 billion, a price-to-earnings ratio of 26.79, a PEG ratio of 3.46 and a beta of 1.24. The company has a quick ratio of 0.65, a current ratio of 0.89 and a debt-to-equity ratio of 0.19.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $17.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $15.49. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The firm had revenue of $9.34 billion for the quarter, compared to analysts' expectations of $9.19 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. GE Vernova's revenue for the quarter was up 17.0% compared to the same quarter last year. As a group, research analysts anticipate that GE Vernova Inc. will post 14.99 EPS 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. Shareholders 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 yield of 0.2%. GE Vernova's dividend payout ratio is presently 5.83%.

Insider Activity at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer owned 1,835 shares in the company, valued at $1,739,726.80. This represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Matthew Joseph Potvin sold 2,333 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were 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 directly owned 3,549 shares of the company's stock, valued at $3,758,710.41. This trade represents a 39.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.21% of the company's stock.

Hedge Funds Weigh In On GE Vernova

Institutional investors have recently made changes to their positions in the stock. Jackson Grant Investment Advisers Inc. boosted its stake in GE Vernova by 344.4% during the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company's stock valued at $25,000 after purchasing an additional 31 shares in the last quarter. Cornerstone Financial Management LLC bought a new position in GE Vernova during the 4th quarter valued at $25,000. Wealth Watch Advisors INC bought a new position in GE Vernova during the 3rd quarter valued at $25,000. Torren Management LLC bought a new position in GE Vernova during the 4th quarter valued at $26,000. Finally, Manning & Napier Advisors LLC boosted its stake in GE Vernova by 68.4% during the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock valued at $26,000 after purchasing an additional 13 shares in the last quarter.

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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