GE Vernova (NYSE:GEV) Shares Up 2.8% Following Analyst Upgrade

Shares of GE Vernova Inc. (NYSE:GEV - Get Free Report) traded up 2.8% during trading on Wednesday after Bank of America raised their price target on the stock from $520.00 to $550.00. Bank of America currently has a buy rating on the stock. GE Vernova traded as high as $480.97 and last traded at $478.56. 942,105 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 3,277,852 shares. The stock had previously closed at $465.31.

GEV has been the topic of a number of other reports. Susquehanna reaffirmed a "positive" rating and set a $499.00 target price (up from $399.00) on shares of GE Vernova in a research report on Wednesday, May 14th. Morgan Stanley restated an "overweight" rating and set a $422.00 price target (up previously from $400.00) on shares of GE Vernova in a research note on Thursday, April 24th. New Street Research set a $380.00 price target on GE Vernova in a research note on Wednesday, March 5th. Jefferies Financial Group downgraded shares of GE Vernova from a "buy" rating to a "hold" rating and raised their target price for the company from $427.00 to $517.00 in a research report on Thursday, May 29th. Finally, BMO Capital Markets raised their target price on shares of GE Vernova from $381.00 to $522.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, GE Vernova presently has a consensus rating of "Moderate Buy" and an average price target of $395.98.

Institutional Investors Weigh In On GE Vernova

Large investors have recently modified their holdings of the business. MRP Capital Investments LLC purchased a new stake in GE Vernova during the 4th quarter worth approximately $25,000. Fairway Wealth LLC grew its holdings in shares of GE Vernova by 220.0% during the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company's stock valued at $26,000 after buying an additional 55 shares during the last quarter. Navigoe LLC purchased a new stake in shares of GE Vernova during the fourth quarter valued at $27,000. EQ Wealth Advisors LLC purchased a new stake in shares of GE Vernova during the first quarter valued at $27,000. Finally, IMA Advisory Services Inc. purchased a new stake in shares of GE Vernova during the first quarter valued at $27,000.

GE Vernova Stock Performance

The company has a 50 day simple moving average of $400.27 and a two-hundred day simple moving average of $363.37. The firm has a market cap of $133.10 billion, a PE ratio of 87.71, a P/E/G ratio of 3.03 and a beta of 1.97.

GE Vernova (NYSE:GEV - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.54. The firm had revenue of $8.03 billion for the quarter, compared to analyst estimates of $7.56 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.47) earnings per share. As a group, research analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, April 18th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.21%. The ex-dividend date was Thursday, April 17th. GE Vernova's payout ratio is 14.41%.

About GE Vernova

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.