GE Vernova Inc. (NYSE:GEV) Sees Large Decline in Short Interest

GE Vernova Inc. (NYSE:GEV) was the target of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 4,590,000 shares, a decrease of 12.9% from the January 15th total of 5,270,000 shares. Based on an average daily volume of 3,320,000 shares, the days-to-cover ratio is presently 1.4 days. Currently, 1.7% of the shares of the company are short sold.

Hedge Funds Weigh In On GE Vernova

A number of large investors have recently modified their holdings of GEV. Creative Planning raised its holdings in shares of GE Vernova by 11.4% in the 3rd quarter. Creative Planning now owns 52,641 shares of the company’s stock worth $13,422,000 after purchasing an additional 5,382 shares during the period. Vontobel Holding Ltd. raised its holdings in shares of GE Vernova by 454.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 13,558 shares of the company’s stock worth $3,457,000 after purchasing an additional 11,113 shares during the period. Good Life Advisors LLC raised its holdings in shares of GE Vernova by 73.9% in the 3rd quarter. Good Life Advisors LLC now owns 3,114 shares of the company’s stock worth $794,000 after purchasing an additional 1,323 shares during the period. Global Retirement Partners LLC raised its holdings in shares of GE Vernova by 0.9% in the 3rd quarter. Global Retirement Partners LLC now owns 4,507 shares of the company’s stock worth $1,149,000 after purchasing an additional 40 shares during the period. Finally, Bleakley Financial Group LLC raised its holdings in shares of GE Vernova by 64.3% in the 3rd quarter. Bleakley Financial Group LLC now owns 7,683 shares of the company’s stock worth $1,959,000 after purchasing an additional 3,007 shares during the period.

GE Vernova Stock Performance

NYSE GEV traded up $5.00 during trading hours on Tuesday, hitting $372.59. 2,405,847 shares of the company’s stock were exchanged, compared to its average volume of 3,694,381. The business’s 50 day moving average is $362.38 and its 200-day moving average is $295.72. GE Vernova has a 12-month low of $115.00 and a 12-month high of $447.50. The firm has a market capitalization of $102.70 billion and a P/E ratio of 67.01.

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

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.27%. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Wells Fargo & Company upped their price objective on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Johnson Rice assumed coverage on GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 price objective on the stock. Citigroup upped their price objective on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $453.00 price objective on shares of GE Vernova in a report on Tuesday, January 28th. Finally, William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Eight analysts have rated the stock with a hold rating, twenty have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and a consensus price target of $350.13.

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.