GE Vernova (NYSE:GEV) Cut to Neutral at Guggenheim

Guggenheim downgraded shares of GE Vernova (NYSE:GEV) from a buy rating to a neutral rating in a report issued on Friday, Marketbeat.com reports. They currently have $380.00 price target on the stock.

Several other brokerages have also issued reports on GEV. Oppenheimer initiated coverage on shares of GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating on the stock. Hsbc Global Res lowered GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Evercore ISI raised their price target on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Citigroup upped their price objective on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a research note on Wednesday, December 11th. Eight investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Stock Down 4.2 %

Shares of GEV stock opened at $419.27 on Friday. GE Vernova has a 12-month low of $115.00 and a 12-month high of $447.50. The firm has a market capitalization of $115.57 billion and a price-to-earnings ratio of 75.41. The firm has a fifty day moving average of $351.59 and a 200-day moving average of $270.59.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results 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 firm had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. Research analysts expect that GE Vernova will post 6.61 earnings per share for the current year.

GE Vernova announced that its board has authorized a stock buyback 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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 issued 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 0.24%. GE Vernova’s payout ratio is presently 17.99%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Cedar Mountain Advisors LLC raised its stake in shares of GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after acquiring an additional 39 shares during the last quarter. Castleview Partners LLC acquired a new position in GE Vernova during the 3rd quarter worth about $28,000. Pathway Financial Advisers LLC bought a new position in shares of GE Vernova during the second quarter worth about $29,000. Covestor Ltd increased its position in GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 46 shares during the period. Finally, Darwin Wealth Management LLC bought a new position in GE Vernova during the third quarter worth $31,000.

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.