CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases New Holdings in GE Vernova Inc. (NYSE:GEV)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 5,000 shares of the company’s stock, valued at approximately $1,645,000.

Several other institutional investors have also bought and sold shares of GEV. Benin Management CORP raised its position in shares of GE Vernova by 19.5% in the fourth quarter. Benin Management CORP now owns 1,560 shares of the company’s stock valued at $513,000 after purchasing an additional 255 shares during the period. Exchange Traded Concepts LLC grew its stake in GE Vernova by 261.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 13,731 shares of the company’s stock valued at $4,517,000 after acquiring an additional 9,928 shares in the last quarter. CX Institutional lifted its stake in GE Vernova by 20.7% in the 4th quarter. CX Institutional now owns 1,858 shares of the company’s stock worth $611,000 after purchasing an additional 319 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in GE Vernova by 13.3% in the 4th quarter. Sound Income Strategies LLC now owns 484 shares of the company’s stock valued at $159,000 after purchasing an additional 57 shares during the period. Finally, LexAurum Advisors LLC increased its holdings in shares of GE Vernova by 38.6% in the fourth quarter. LexAurum Advisors LLC now owns 1,120 shares of the company’s stock worth $368,000 after purchasing an additional 312 shares during the period.

GE Vernova Price Performance

GE Vernova stock opened at $419.27 on Friday. The stock has a market capitalization of $115.57 billion and a PE ratio of 75.41. The business’s fifty day moving average is $351.59 and its 200 day moving average is $270.59. GE Vernova Inc. has a one year low of $115.00 and a one year high of $447.50.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm’s revenue was up 5.1% on a year-over-year basis. As a group, sell-side analysts expect that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

GE Vernova announced that its Board of Directors has approved a stock buyback plan 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 stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.24%. The ex-dividend date is Friday, December 20th. GE Vernova’s dividend payout ratio is presently 17.99%.

Analysts Set New Price Targets

Several equities analysts recently commented on GEV shares. Jefferies Financial Group boosted their target price on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Citigroup upped their price objective on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday. Truist Financial raised their price objective on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday. Wolfe Research started coverage on GE Vernova in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective on the stock. Finally, HSBC reiterated a “hold” rating and issued a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Eight investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $339.73.

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.