GE Vernova (NYSE:GEV) Trading 7.5% Higher – Should You Buy?

Shares of GE Vernova Inc. (NYSE:GEV) shot up 7.5% during trading on Wednesday . The stock traded as high as $341.11 and last traded at $341.41. 1,734,137 shares changed hands during trading, a decline of 55% from the average session volume of 3,843,285 shares. The stock had previously closed at $317.69.

Wall Street Analyst Weigh In

GEV has been the topic of several research reports. William Blair restated an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. Evercore ISI boosted their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Guggenheim downgraded GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 target price for the company. in a research note on Friday, January 24th. Finally, Bank of America increased their price target on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $350.13.

GE Vernova Trading Up 5.5 %

The firm has a market cap of $92.51 billion and a price-to-earnings ratio of 60.53. The firm has a 50-day moving average of $363.77 and a two-hundred day moving average of $303.15.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

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

Hedge Funds Weigh In On GE Vernova

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mountaineer Partners Management LLC bought a new stake in GE Vernova in the third quarter valued at about $2,507,296,000. Norges Bank bought a new position in GE Vernova in the 4th quarter valued at $1,109,720,000. Capital International Investors grew its holdings in GE Vernova by 25.3% during the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock worth $4,886,164,000 after acquiring an additional 2,994,660 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of GE Vernova by 1,638.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock valued at $432,309,000 after purchasing an additional 1,238,690 shares during the last quarter. Finally, WCM Investment Management LLC lifted its holdings in GE Vernova by 83.1% during the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after buying an additional 1,161,901 shares in the last quarter.

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.