GE Vernova (NYSE:GEV) Shares Down 1.9% – What’s Next?

GE Vernova Inc. (NYSE:GEV)’s stock price dropped 1.9% during mid-day trading on Tuesday . The company traded as low as $372.08 and last traded at $377.83. Approximately 663,157 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 3,848,879 shares. The stock had previously closed at $385.00.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GEV shares. Bank of America lifted their price objective on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. raised their price target on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $453.00 price objective on shares of GE Vernova in a research report on Tuesday, January 28th. Finally, Guggenheim downgraded GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 target price on the stock. in a research report on Friday, January 24th. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $346.22.

GE Vernova Price Performance

The stock has a market cap of $103.10 billion and a PE ratio of 67.15. The firm has a 50 day moving average of $359.53 and a two-hundred day moving average of $288.77.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. The business’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date was Friday, December 20th. GE Vernova’s payout ratio is currently 17.99%.

GE Vernova declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to buy 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.

Hedge Funds Weigh In On GE Vernova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Waverton Investment Management Ltd raised its position in GE Vernova by 10.0% during the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after acquiring an additional 66,455 shares during the last quarter. Register Financial Advisors LLC acquired a new position in shares of GE Vernova in the fourth quarter valued at approximately $206,000. Hanlon Investment Management Inc. acquired a new position in shares of GE Vernova in the third quarter valued at approximately $1,101,000. Atria Investments Inc raised its position in shares of GE Vernova by 127.0% in the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock valued at $1,297,000 after buying an additional 2,847 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC raised its position in shares of GE Vernova by 1,126.0% in the fourth quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company’s stock valued at $294,000 after buying an additional 822 shares during the last quarter.

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.