GE Vernova (NYSE:GEV) Shares Gap Up – Here’s Why

Shares of GE Vernova Inc. (NYSE:GEV) gapped up before the market opened on Tuesday . The stock had previously closed at $330.00, but opened at $351.42. GE Vernova shares last traded at $338.15, with a volume of 2,086,546 shares traded.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GEV shares. HSBC reiterated a “hold” rating and issued a $255.00 price objective (up from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Jefferies Financial Group upped their price target on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Morgan Stanley raised their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. raised their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Eight analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average target price of $342.94.

GE Vernova Trading Down 0.4 %

The business’s fifty day moving average price is $353.77 and its two-hundred day moving average price is $275.94. The firm has a market cap of $97.48 billion and a P/E ratio of 63.61.

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 analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. Research analysts predict that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.28%. GE Vernova’s payout ratio is presently 17.99%.

GE Vernova declared that its board has authorized a share buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of GE Vernova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Catalyst Financial Partners LLC boosted its position in shares of GE Vernova by 2.7% in the fourth quarter. Catalyst Financial Partners LLC now owns 1,444 shares of the company’s stock valued at $475,000 after acquiring an additional 38 shares during the period. Asset Management One Co. Ltd. grew its position in GE Vernova by 7.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 109,824 shares of the company’s stock worth $36,659,000 after purchasing an additional 7,970 shares during the last quarter. Guardian Asset Advisors LLC increased its holdings in shares of GE Vernova by 36.4% during the 4th quarter. Guardian Asset Advisors LLC now owns 1,519 shares of the company’s stock worth $500,000 after purchasing an additional 405 shares during the period. Aljian Capital Management LLC raised its position in shares of GE Vernova by 10.3% during the fourth quarter. Aljian Capital Management LLC now owns 3,207 shares of the company’s stock valued at $1,055,000 after buying an additional 300 shares during the last quarter. Finally, Intelligence Driven Advisers LLC bought a new stake in shares of GE Vernova in the fourth quarter valued at about $216,000.

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.