GE Vernova (NYSE:GEV) Trading Down 6.8% - Here's What Happened

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s stock price was down 6.8% on Tuesday . The company traded as low as $486.92 and last traded at $493.38. Approximately 1,770,385 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 3,281,882 shares. The stock had previously closed at $529.15.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on GEV shares. BMO Capital Markets raised their price target on shares of GE Vernova from $381.00 to $522.00 and gave the company an "outperform" rating in a report on Friday, May 30th. The Goldman Sachs Group raised their price target on shares of GE Vernova from $500.00 to $570.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Robert W. Baird raised their price target on shares of GE Vernova from $387.00 to $405.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Royal Bank Of Canada lowered their price target on shares of GE Vernova from $453.00 to $445.00 and set an "outperform" rating on the stock in a report on Tuesday, March 18th. Finally, Barclays raised their price target on shares of GE Vernova from $500.00 to $550.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, GE Vernova presently has a consensus rating of "Moderate Buy" and an average price target of $440.04.

GE Vernova Trading Up 2.4%

The company has a market capitalization of $141.20 billion, a PE ratio of 74.55, a price-to-earnings-growth ratio of 3.89 and a beta of 1.86. The business's 50-day simple moving average is $458.30 and its 200-day simple moving average is $381.43.

GE Vernova (NYSE:GEV - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.54. The firm had revenue of $8.03 billion during the quarter, compared to analyst estimates of $7.56 billion. GE Vernova had a net margin of 5.42% and a return on equity of 10.10%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.47) EPS. Sell-side analysts forecast 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, August 18th. Stockholders of record on Monday, July 21st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Monday, July 21st. GE Vernova's dividend payout ratio (DPR) is 14.41%.

Hedge Funds Weigh In On GE Vernova

Several institutional investors have recently made changes to their positions in the company. HBW Advisory Services LLC increased its holdings in shares of GE Vernova by 12.0% during the 2nd quarter. HBW Advisory Services LLC now owns 907 shares of the company's stock valued at $480,000 after purchasing an additional 97 shares in the last quarter. Marotta Asset Management purchased a new position in shares of GE Vernova during the 2nd quarter valued at approximately $207,000. Central Pacific Bank Trust Division increased its holdings in shares of GE Vernova by 646.1% during the 2nd quarter. Central Pacific Bank Trust Division now owns 1,798 shares of the company's stock valued at $951,000 after purchasing an additional 1,557 shares in the last quarter. Park National Corp OH increased its holdings in shares of GE Vernova by 86.3% during the 2nd quarter. Park National Corp OH now owns 77,886 shares of the company's stock valued at $41,213,000 after purchasing an additional 36,083 shares in the last quarter. Finally, First National Bank Sioux Falls purchased a new stake in GE Vernova in the 2nd quarter worth $222,000.

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.