GE Vernova (NYSE:GEV) Trading 6.2% Higher – What’s Next?

GE Vernova Inc. (NYSE:GEV) shares shot up 6.2% during mid-day trading on Thursday . The company traded as high as $383.85 and last traded at $375.08. 2,044,612 shares changed hands during trading, a decline of 51% from the average session volume of 4,147,854 shares. The stock had previously closed at $353.25.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GEV. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $453.00 target price on shares of GE Vernova in a research report on Tuesday. Jefferies Financial Group upped their price target on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Bank of America raised their price objective on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Finally, Citigroup boosted their price objective on shares of GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $342.94.

GE Vernova Stock Up 8.3 %

The company has a market capitalization of $105.50 billion and a price-to-earnings ratio of 68.84. The business has a fifty day simple moving average of $353.99 and a two-hundred day simple moving average of $276.49.

GE Vernova (NYSE:GEV) last announced its quarterly 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 company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities analysts predict that GE Vernova Inc. will post 6.61 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.26%. The ex-dividend date was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

GE Vernova declared that its board has authorized a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Cedar Mountain Advisors LLC raised its holdings in GE Vernova by 102.6% during the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after purchasing an additional 39 shares during the last quarter. Pineridge Advisors LLC raised its stake in shares of GE Vernova by 530.8% during the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after buying an additional 69 shares during the last quarter. Castleview Partners LLC acquired a new position in GE Vernova in the third quarter valued at approximately $28,000. Pathway Financial Advisers LLC bought a new position in GE Vernova in the second quarter valued at approximately $29,000. Finally, Covestor Ltd grew its holdings in GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the period.

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.