GE Vernova (NYSE:GEV) Shares Down 1.9% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) shares dropped 1.9% during mid-day trading on Friday. The company traded as low as $787.31 and last traded at $803.1720. Approximately 2,966,672 shares were traded during mid-day trading, an increase of 6% from the average daily volume of 2,790,990 shares. The stock had previously closed at $818.49.

Key Stories Impacting GE Vernova

Investors following GEV have been watching these stories:

• Positive Sentiment: SpaceX expects to spend $35 billion to $40 billion this quarter, and GE Vernova is among the turbine suppliers associated with its Starbase plans. This could highlight demand opportunities, though the report does not confirm a specific GE Vernova contract. SpaceX spending and power suppliers
• Positive Sentiment: Evercore ISI maintained its Buy rating and $1,350 price target, which the report described as 67% above the Nov. 11 close. That view may help support investor confidence after the stock’s retreat from its summer high. Evercore ISI outlook
• Negative Sentiment: A Canadian small modular reactor project linked to GE Vernova faces construction delays and higher projected costs, adding execution and cost-risk concerns to the hydrogen-turbine progress. Ontario nuclear project delays

Analyst Ratings Changes

GEV has been the topic of a number of analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $1,100.00 target price on shares of GE Vernova in a research note on Thursday, October 29th. President Capital boosted their target price on shares of GE Vernova from $1,368.00 to $1,398.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Guggenheim dropped their price target on shares of GE Vernova from $1,450.00 to $1,400.00 and set a “buy” rating for the company in a research note on Monday, November 2nd. The Goldman Sachs Group upgraded shares of GE Vernova from a “buy” rating to a “market outperform” rating in a report on Monday, September 14th. Finally, Wall Street Zen lowered shares of GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and a consensus price target of $1,143.03.

GE Vernova Stock Down 1.9%

The business has a 50-day moving average of $915.80 and a 200-day moving average of $947.62. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.62 and a current ratio of 0.83. The stock has a market capitalization of $212.58 billion, a price-to-earnings ratio of 21.08, a P/E/G ratio of 2.63 and a beta of 1.25.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, October 28th. The company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.03 by $0.78. The company had revenue of $12.64 billion for the quarter, compared to analysts’ expectations of $11.99 billion. GE Vernova had a net margin of 23.54% and a return on equity of 46.50%. GE Vernova’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.64 earnings per share. On average, sell-side analysts expect that GE Vernova Inc. will post 16.13 EPS for the current year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Tuesday, October 27th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, October 27th. GE Vernova’s payout ratio is 5.25%.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently made changes to their positions in GEV. BlackRock Inc. purchased a new position in shares of GE Vernova during the second quarter worth $25,569,630,000. Bank of America Corp DE purchased a new stake in shares of GE Vernova during the 2nd quarter worth $2,961,612,000. Bank of New York Mellon Corp purchased a new position in shares of GE Vernova in the 2nd quarter valued at about $2,497,472,000. Jupiter Topco LLC purchased a new stake in shares of GE Vernova during the 2nd quarter worth approximately $2,371,538,000. Finally, Janus Henderson Group PLC lifted its position in GE Vernova by 4,358.6% in the first quarter. Janus Henderson Group PLC now owns 1,519,799 shares of the company’s stock valued at $1,316,076,000 after acquiring an additional 1,485,712 shares during the last quarter.

GE Vernova Company Profile

GE Vernova is an energy technology company that designs, manufactures and services equipment used to generate, transmit and distribute electricity. It became an independent public company in April 2024 after separating from General Electric, which had built its energy businesses over more than a century. The company operates through three main businesses: Power, Wind and Electrification. Its offerings include gas and steam turbines, hydropower technologies and related services; onshore and offshore wind turbines; and grid equipment, power-conversion systems and software used to support electricity networks.