GE Vernova (NYSE:GEV) Trading Down 2% – Here’s Why

GE Vernova Inc. (NYSE:GEVGet Free Report)’s share price dropped 2% during trading on Wednesday . The company traded as low as $949.06 and last traded at $951.9030. Approximately 1,470,480 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 2,699,288 shares. The stock had previously closed at $971.31.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GEV. Morgan Stanley downgraded shares of GE Vernova from an “overweight” rating to an “underweight” rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. lifted their price target on GE Vernova from $1,302.00 to $1,330.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Oppenheimer upped their price target on GE Vernova from $1,303.00 to $1,338.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. TD Cowen increased their price objective on GE Vernova from $1,220.00 to $1,235.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Finally, Guggenheim raised their price objective on GE Vernova from $1,300.00 to $1,450.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $1,154.28.

Check Out Our Latest Stock Analysis on GEV

GE Vernova Price Performance

The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21. The stock’s 50 day moving average price is $1,002.29 and its two-hundred day moving average price is $983.03. The firm has a market capitalization of $253.89 billion, a price-to-earnings ratio of 27.29, a P/E/G ratio of 4.42 and a beta of 1.15.

GE Vernova (NYSE:GEVGet Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the business posted $1.86 EPS. GE Vernova’s revenue for the quarter was up 21.9% on a year-over-year basis. Analysts anticipate that GE Vernova Inc. will post 15.36 EPS for the current fiscal year.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC raised its holdings in GE Vernova by 1.3% in the 1st quarter. Onyx Bridge Wealth Group LLC now owns 727 shares of the company’s stock worth $635,000 after purchasing an additional 9 shares in the last quarter. Red Door Wealth Management LLC boosted its stake in shares of GE Vernova by 0.6% during the 1st quarter. Red Door Wealth Management LLC now owns 1,774 shares of the company’s stock valued at $1,548,000 after purchasing an additional 10 shares in the last quarter. Advance Capital Management Inc. increased its position in shares of GE Vernova by 2.2% during the first quarter. Advance Capital Management Inc. now owns 461 shares of the company’s stock valued at $402,000 after buying an additional 10 shares during the period. Alpha Financial Partners LLC increased its position in shares of GE Vernova by 2.0% during the first quarter. Alpha Financial Partners LLC now owns 514 shares of the company’s stock valued at $449,000 after buying an additional 10 shares during the period. Finally, Sandy Cove Advisors LLC raised its stake in GE Vernova by 2.6% in the second quarter. Sandy Cove Advisors LLC now owns 389 shares of the company’s stock worth $457,000 after buying an additional 10 shares in the last quarter.

GE Vernova Company Profile

(Get Free Report)

GE Vernova Inc (NYSE: GEV) is an energy technology company that provides equipment, software and services for electricity generation, transmission and distribution. Its portfolio is designed to support power systems across a range of energy sources, including natural gas, nuclear, hydroelectric, wind and solar power, as well as battery storage.

The company operates through three primary businesses: Power, Wind and Electrification. Power supplies gas and steam turbines, generators, nuclear power technologies, hydroelectric equipment and related maintenance services.

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