GE Vernova (NYSE:GEV) Trading Up 3.2% - Here's What Happened

Key Points

• GE Vernova shares rose 3.2% in Tuesday trading, reaching as high as $1,095 before settling at $1,071.65. Trading volume was below average, with about 1.87 million shares changing hands.
• Analyst sentiment remains upbeat, with several firms raising price targets, including Guggenheim to $1,300 and Goldman Sachs maintaining a $1,328 target. The stock currently carries a Moderate Buy consensus rating and a consensus target price of $1,090.76.
• The company posted strong quarterly results, reporting EPS of $17.44 versus $1.95 expected 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) shot up 3.2% during trading on Tuesday . The company traded as high as $1,095.00 and last traded at $1,071.65. 1,869,936 shares were traded during mid-day trading, a decline of 31% from the average session volume of 2,690,771 shares. The stock had previously closed at $1,038.74.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GEV. Evercore lifted their price objective on shares of GE Vernova from $860.00 to $905.00 and gave the company an "outperform" rating in a report on Thursday, January 29th. The Goldman Sachs Group restated a "buy" rating and issued a $1,328.00 target price on shares of GE Vernova in a research note on Friday, April 24th. UBS Group reaffirmed a "buy" rating on shares of GE Vernova in a research report on Thursday, January 29th. Guggenheim lifted their price target on shares of GE Vernova from $910.00 to $1,300.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Finally, Wall Street Zen upgraded GE Vernova from a "hold" rating to a "buy" rating in a report on Saturday, January 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, GE Vernova has an average rating of "Moderate Buy" and a consensus target price of $1,090.76.

GE Vernova Stock Up 3.2%

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 firm has a market cap of $287.97 billion, a PE ratio of 31.22, a P/E/G ratio of 3.89 and a beta of 1.51. The business's 50-day simple moving average is $982.24 and its 200 day simple moving average is $795.22.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $17.44 earnings per share for the quarter, topping the consensus estimate of $1.95 by $15.49. The firm had revenue of $9.34 billion during the quarter, compared to analysts' expectations of $9.19 billion. GE Vernova had a net margin of 23.81% and a return on equity of 43.97%. The company's revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 EPS. As a group, equities research analysts expect that GE Vernova Inc. will post 14.84 earnings per share for the current year.

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, June 16th. GE Vernova's dividend payout ratio (DPR) is 5.83%.

Insider Activity

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the business's stock in a transaction on 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 completion of the transaction, the chief accounting officer directly owned 3,549 shares of the company's stock, valued at approximately $3,758,710.41. The trade was a 39.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.21% of the company's stock.

Institutional Trading of GE Vernova

Hedge funds have recently modified their holdings of the company. Onyx Bridge Wealth Group LLC lifted its position in GE Vernova by 1.3% during the first quarter. Onyx Bridge Wealth Group LLC now owns 727 shares of the company's stock valued at $635,000 after acquiring an additional 9 shares during the last quarter. Red Door Wealth Management LLC increased its position in shares of GE Vernova by 0.6% during the first quarter. Red Door Wealth Management LLC now owns 1,774 shares of the company's stock worth $1,548,000 after purchasing an additional 10 shares in the last quarter. Advance Capital Management Inc. increased its position in shares of GE Vernova by 2.2% during the first quarter. Advance Capital Management Inc. now owns 461 shares of the company's stock worth $402,000 after purchasing an additional 10 shares in the last quarter. Alpha Financial Partners LLC lifted its holdings in shares of GE Vernova by 2.0% during the 1st quarter. Alpha Financial Partners LLC now owns 514 shares of the company's stock valued at $449,000 after purchasing an additional 10 shares during the last quarter. Finally, Bell Investment Advisors Inc increased its position in GE Vernova by 5.2% during the 1st quarter. Bell Investment Advisors Inc now owns 221 shares of the company's stock valued at $193,000 after buying an additional 11 shares in the last quarter.

About GE Vernova

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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