GE Vernova (NYSE:GEV) Posts Quarterly Earnings Results, Misses Estimates By $0.57 EPS

GE Vernova (NYSE:GEV) posted its quarterly earnings data on Wednesday. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57), Zacks reports. The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 3.67% and a return on equity of 4.22%. The company’s revenue was up 5.1% compared to the same quarter last year.

GE Vernova Price Performance

Shares of NYSE GEV opened at $426.84 on Thursday. The business has a 50 day simple moving average of $349.37 and a 200 day simple moving average of $269.42. GE Vernova has a 52 week low of $115.00 and a 52 week high of $434.10.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.23%.

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

Wall Street Analysts Forecast Growth

GEV has been the topic of several research analyst reports. Oppenheimer started coverage on GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating on the stock. Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. BMO Capital Markets lifted their price objective on shares of GE Vernova from $360.00 to $420.00 in a research note on Tuesday. Morgan Stanley increased their target price on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, The Goldman Sachs Group lifted their price target on shares of GE Vernova from $400.00 to $446.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.85.

GE Vernova Company Profile

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.