GE Vernova (NYSE:GEV) Stock Price Down 4.9% on Analyst Downgrade

GE Vernova Inc. (NYSE:GEV)’s stock price fell 4.9% on Tuesday after BMO Capital Markets lowered their price target on the stock from $471.00 to $420.00. BMO Capital Markets currently has an outperform rating on the stock. GE Vernova traded as low as $294.45 and last traded at $300.38. 2,102,544 shares changed hands during trading, a decline of 46% from the average session volume of 3,919,893 shares. The stock had previously closed at $315.98.

A number of other analysts have also recently weighed in on the stock. Wolfe Research initiated coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target for the company. Robert W. Baird initiated coverage on shares of GE Vernova in a research note on Thursday, February 13th. They issued an “outperform” rating and a $448.00 target price for the company. Citigroup raised their target price 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. Marathon Capitl upgraded shares of GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Finally, Barclays reduced their target price on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating for the company in a research note on Monday. Seven investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $347.83.

Hedge Funds Weigh In On GE Vernova

Hedge funds have recently added to or reduced their stakes in the business. Waverton Investment Management Ltd grew its holdings in shares of GE Vernova by 10.0% during the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after buying an additional 66,455 shares in the last quarter. Register Financial Advisors LLC purchased a new stake in shares of GE Vernova during the fourth quarter worth about $206,000. Atria Investments Inc grew its holdings in shares of GE Vernova by 127.0% during the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after buying an additional 2,847 shares in the last quarter. GPS Wealth Strategies Group LLC grew its holdings in shares of GE Vernova by 1,126.0% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company’s stock worth $294,000 after buying an additional 822 shares in the last quarter. Finally, Fractal Investments LLC purchased a new stake in shares of GE Vernova during the third quarter worth about $1,530,000.

GE Vernova Stock Up 1.3 %

The firm has a market capitalization of $87.51 billion and a PE ratio of 57.04. The business’s fifty day moving average price is $361.95 and its 200 day moving average price is $308.22.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company’s revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.32%. GE Vernova’s dividend payout ratio is presently 17.99%.

GE Vernova announced that its board has initiated a stock buyback program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

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.