GE Vernova Inc. (NYSE:GEV – Get Free Report) shares were down 1.9% during trading on Thursday . The stock traded as low as $997.12 and last traded at $998.35. Approximately 1,687,078 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 2,803,417 shares. The stock had previously closed at $1,017.96.
Analysts Set New Price Targets
GEV has been the topic of a number of research reports. Susquehanna set a $1,300.00 price target on GE Vernova in a research note on Thursday, April 23rd. Citigroup raised their price objective on GE Vernova from $779.00 to $1,110.00 and gave the company a “neutral” rating in a research note on Monday, April 13th. BNP Paribas Exane downgraded GE Vernova from an “outperform” rating to a “neutral” rating and set a $1,190.00 price objective for the company. in a report on Monday, April 27th. Weiss Ratings restated a “buy (b)” rating on shares of GE Vernova in a report on Tuesday, July 21st. Finally, Morgan Stanley lowered GE Vernova from an “overweight” rating to an “underweight” rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,133.15.
GE Vernova Trading Down 1.0%
GE Vernova (NYSE:GEV – Get Free Report) last announced its quarterly earnings results 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 return on equity of 42.42% and a net margin of 23.03%.The company had revenue of $11.10 billion for the quarter, compared to the consensus estimate of $10.79 billion. During the same quarter last year, the company posted $1.86 EPS. The company’s quarterly revenue was up 21.9% compared to the same quarter last year. Equities analysts expect that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.
GE Vernova Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 16th were issued a $0.50 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. GE Vernova’s dividend payout ratio is currently 5.72%.
Insider Transactions at GE Vernova
In related news, CAO Matthew Joseph Potvin sold 2,333 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the transaction, the chief accounting officer directly owned 3,549 shares in the company, valued at approximately $3,758,710.41. The trade was a 39.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Victor Abate sold 4,819 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the transaction, the chief executive officer owned 1,835 shares in the company, valued at approximately $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by company insiders.
Hedge Funds Weigh In On GE Vernova
Several institutional investors have recently modified their holdings of the business. Cornerstone Financial Management LLC bought a new position in GE Vernova in the 4th quarter valued at $25,000. Wealth Watch Advisors INC bought a new stake in shares of GE Vernova during the 3rd quarter worth $25,000. Torren Management LLC bought a new stake in shares of GE Vernova during the 4th quarter worth $26,000. Manning & Napier Advisors LLC boosted its holdings in shares of GE Vernova by 68.4% in the 1st quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock worth $26,000 after buying an additional 13 shares during the last quarter. Finally, Navalign LLC purchased a new position in shares of GE Vernova in the 4th quarter worth about $27,000.
About GE Vernova
GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.
The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.
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