GE Vernova (NYSE:GEV) Shares Gap Down – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s share price gapped down prior to trading on Monday . The stock had previously closed at $420.49, but opened at $339.60. GE Vernova shares last traded at $341.49, with a volume of 4,488,771 shares.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GEV shares. Evercore ISI increased their price target on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Truist Financial increased their target price on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday. Wolfe Research started coverage on GE Vernova in a report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target on the stock. Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Finally, The Goldman Sachs Group raised their price target on shares of GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday. Eight research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $339.73.

GE Vernova Price Performance

The firm’s 50-day moving average price is $353.38 and its 200-day moving average price is $273.64. The stock has a market cap of $93.44 billion and a P/E ratio of 60.56.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s revenue was up 5.1% compared to the same quarter last year. Sell-side analysts expect that GE Vernova Inc. will post 6.61 earnings per share for the current year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.30%. GE Vernova’s dividend payout ratio is presently 17.99%.

GE Vernova announced that its Board of Directors has authorized a stock buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Trading of GE Vernova

Several institutional investors have recently added to or reduced their stakes in the company. Hager Investment Management Services LLC purchased a new stake in GE Vernova in the fourth quarter worth $270,000. Stratos Wealth Advisors LLC increased its position in shares of GE Vernova by 12.2% during the fourth quarter. Stratos Wealth Advisors LLC now owns 1,343 shares of the company’s stock worth $442,000 after acquiring an additional 146 shares during the period. Stratos Wealth Partners LTD. boosted its holdings in shares of GE Vernova by 7.6% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,494 shares of the company’s stock valued at $2,136,000 after purchasing an additional 460 shares during the period. Retirement Systems of Alabama grew its stake in GE Vernova by 176.2% in the fourth quarter. Retirement Systems of Alabama now owns 170,957 shares of the company’s stock worth $56,233,000 after purchasing an additional 109,063 shares in the last quarter. Finally, Sargent Investment Group LLC increased its holdings in GE Vernova by 8.2% during the 4th quarter. Sargent Investment Group LLC now owns 3,943 shares of the company’s stock worth $1,297,000 after purchasing an additional 298 shares during the period.

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.