GE Vernova (NYSE:GEV) Trading Up 3.5% - Here's Why

Key Points

• GE Vernova shares rose 3.5% to about $956.32 in Friday midday trading, although volume was 56% below the average session level.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $1,154.28; however, Morgan Stanley downgraded the stock to “underweight” and Wall Street Zen cut its rating to “hold.”
• The company’s latest quarter showed 21.9% year-over-year revenue growth to $11.10 billion, but earnings per share of $2.47 missed estimates of $3.17 by $0.70.

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s stock price rose 3.5% on Friday . The stock traded as high as $962.21 and last traded at $956.3150. 1,174,013 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 2,682,647 shares. The stock had previously closed at $923.91.

Wall Street Analyst Weigh In

GEV has been the subject of several research analyst reports. Morgan Stanley downgraded GE Vernova from an "overweight" rating to an "underweight" rating in a research note on Monday, August 3rd. William Blair restated an "outperform" rating on shares of GE Vernova in a research note on Monday, August 3rd. JPMorgan Chase & Co. lifted their price target on shares of GE Vernova from $1,302.00 to $1,330.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. BMO Capital Markets reiterated an "outperform" rating on shares of GE Vernova in a research report on Friday, August 7th. Finally, Wall Street Zen lowered shares of GE Vernova from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,154.28.

GE Vernova Stock Up 3.5%

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85. The stock's fifty day simple moving average is $1,002.29 and its two-hundred day simple moving average is $983.03. The stock has a market capitalization of $254.70 billion, a P/E ratio of 27.37, a price-to-earnings-growth ratio of 4.42 and a beta of 1.15.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing analysts' consensus estimates of $3.17 by ($0.70). The company had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The business's revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.86 earnings per share. As a group, research analysts expect that GE Vernova Inc. will post 15.36 EPS for the current fiscal year.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Parvin Asset Management LLC acquired a new position in shares of GE Vernova in the 2nd quarter worth approximately $32,000. Pingora Partners LLC acquired a new stake in shares of GE Vernova during the second quarter worth $36,000. Manning & Napier Advisors LLC raised its stake in GE Vernova by 68.4% during the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company's stock worth $26,000 after buying an additional 13 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in GE Vernova in the second quarter valued at $39,000. Finally, Miller Global Investments LLC lifted its holdings in GE Vernova by 63.6% in the second quarter. Miller Global Investments LLC now owns 36 shares of the company's stock valued at $42,000 after buying an additional 14 shares during the period.

GE Vernova Company Profile

GE Vernova Inc NYSE: GEV is an energy technology company that provides equipment, software and services for electricity generation, transmission and distribution. Its portfolio is designed to support power systems across a range of energy sources, including natural gas, nuclear, hydroelectric, wind and solar power, as well as battery storage.

The company operates through three primary businesses: Power, Wind and Electrification. Power supplies gas and steam turbines, generators, nuclear power technologies, hydroelectric equipment and related maintenance services.

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