Pallas Capital Advisors LLC Takes Position in GE Vernova Inc. $GEV

Pallas Capital Advisors LLC purchased a new position in GE Vernova Inc. (NYSE:GEV) in the second quarter, Holdings Channel reports. The fund purchased 4,000 shares of the company’s stock, valued at approximately $4,700,000.

Other institutional investors have also made changes to their positions in the company. Auto Owners Insurance Co increased its stake in GE Vernova by 110,973.4% in the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock valued at $2,278,224,000 after buying an additional 34,826,773 shares during the period. Norges Bank acquired a new stake in shares of GE Vernova during the 4th quarter valued at $2,283,114,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of GE Vernova by 5,171.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company’s stock valued at $1,603,114,000 after buying an additional 2,406,326 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of GE Vernova during the 2nd quarter valued at $2,497,472,000. Finally, Corient Private Wealth LLC grew its holdings in shares of GE Vernova by 2,802.8% during the 4th quarter. Corient Private Wealth LLC now owns 1,608,714 shares of the company’s stock valued at $1,051,407,000 after acquiring an additional 1,553,295 shares in the last quarter.

Insider Transactions at GE Vernova

In other news, CEO Victor Abate sold 4,819 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares in the company, valued at approximately $1,739,726.80. The trade was a 72.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.21% of the company’s stock.

GE Vernova Stock Down 1.0%

GEV stock opened at $956.69 on Friday. The firm has a market cap of $254.80 billion, a PE ratio of 27.38, a PEG ratio of 3.41 and a beta of 1.21. GE Vernova Inc. has a 1 year low of $530.16 and a 1 year high of $1,195.94. The company has a fifty day simple moving average of $1,042.72 and a 200 day simple moving average of $968.13. The company has a current ratio of 0.85, a quick ratio of 0.62 and a debt-to-equity ratio of 0.21.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The company had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. During the same quarter last year, the business earned $1.86 EPS. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. Sell-side analysts anticipate that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Guggenheim upped their price target on shares of GE Vernova from $1,300.00 to $1,450.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Zacks Research cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Argus set a $1,300.00 target price on GE Vernova in a research note on Monday, April 27th. BNP Paribas Exane lowered GE Vernova from an “outperform” rating to a “neutral” rating and set a $1,190.00 target price on the stock. in a research report on Monday, April 27th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of GE Vernova in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,133.15.

GE Vernova Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.