GE Vernova (NYSE:GEV) Stock Jumps 3.9% – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares traded up 3.9% on Tuesday. The stock traded as high as $1,052.78 and last traded at $1,028.7110. Approximately 2,514,373 shares changed hands during trading, a decline of 5% from the average session volume of 2,653,967 shares. The stock had previously closed at $990.00.

Analysts Set New Price Targets

A number of brokerages have issued reports on GEV. Evercore restated an “outperform” rating and set a $1,350.00 target price on shares of GE Vernova in a research report on Thursday, October 1st. Jefferies Financial Group reaffirmed a “buy” rating and set a $1,185.00 price objective (up from $1,155.00) on shares of GE Vernova in a research note on Thursday, September 17th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $1,298.00 target price (up from $1,206.00) on shares of GE Vernova in a report on Tuesday, September 15th. Morgan Stanley downgraded GE Vernova from an “overweight” rating to an “underweight” rating in a report on Monday, August 3rd. Finally, William Blair reissued an “outperform” rating on shares of GE Vernova in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,171.87.

GE Vernova Stock Up 3.9%

The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. The firm’s 50-day moving average price is $963.54 and its 200 day moving average price is $995.50. The firm has a market cap of $273.98 billion, a P/E ratio of 29.44, a PEG ratio of 3.35 and a beta of 1.14.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share (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 firm had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. During the same quarter in the previous year, the company earned $1.86 EPS. The company’s quarterly revenue was up 21.9% compared to the same quarter last year. On average, equities research analysts expect that GE Vernova Inc. will post 15.38 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Tuesday, October 27th will be given a dividend of $0.50 per share. 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 dividend payout ratio is currently 5.72%.

Institutional Trading of GE Vernova

A number of large investors have recently modified their holdings of GEV. Auto Owners Insurance Co grew its position 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 in the last quarter. BlackRock Inc. acquired a new position in shares of GE Vernova during the second quarter valued at approximately $25,569,630,000. Bank of America Corp DE acquired a new position in shares of GE Vernova during the second quarter valued at approximately $2,961,612,000. Bank of New York Mellon Corp acquired a new stake in GE Vernova in the second quarter worth approximately $2,497,472,000. Finally, Jupiter Topco LLC acquired a new stake in GE Vernova in the second quarter worth approximately $2,371,538,000.

About GE Vernova

GE Vernova Inc (NYSE: GEV) is an energy technology company formed through the separation of General Electric’s energy businesses in April 2024. The company is focused on helping generate, transmit, distribute and store electricity as power systems adapt to rising demand and the transition toward lower-carbon energy sources.

GE Vernova operates across three principal business areas: Power, Wind and Electrification. Its products and services include gas and steam power generation equipment, nuclear and hydropower technologies, onshore and offshore wind turbines, wind services, grid equipment, electrification systems, energy storage solutions and software used to monitor and manage energy infrastructure.

The company serves utilities, independent power producers, industrial customers and other energy-sector organizations in markets around the world.