Short Interest in GE Vernova Inc. (NYSE:GEV) Declines By 26.1%

GE Vernova Inc. (NYSE:GEV) saw a large drop in short interest in the month of February. As of February 15th, there was short interest totalling 3,390,000 shares, a drop of 26.1% from the January 31st total of 4,590,000 shares. Based on an average daily trading volume, of 3,480,000 shares, the days-to-cover ratio is currently 1.0 days. Currently, 1.2% of the company’s shares are short sold.

GE Vernova Price Performance

Shares of GEV stock traded down $3.42 during trading hours on Tuesday, reaching $312.56. 6,255,824 shares of the company traded hands, compared to its average volume of 4,030,628. GE Vernova has a 12-month low of $115.00 and a 12-month high of $447.50. The company has a market cap of $86.24 billion and a P/E ratio of 56.22. The firm has a 50-day moving average price of $362.56 and a 200 day moving average price of $308.16.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data 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 net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. Sell-side analysts predict that GE Vernova will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.32%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

GE Vernova announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Johnson Rice assumed coverage on shares of GE Vernova in a research report on Friday, February 7th. They set a “buy” rating and a $425.00 price objective for the company. Truist Financial increased their target price on GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. The Goldman Sachs Group increased their target price on GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, January 24th. CICC Research initiated coverage on GE Vernova in a report on Wednesday, February 19th. They issued an “outperform” rating on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $453.00 price objective on shares of GE Vernova in a research note on Tuesday, January 28th. Eight investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $347.83.

Institutional Trading of GE Vernova

Several institutional investors and hedge funds have recently added to or reduced their stakes in GEV. Cedar Mountain Advisors LLC increased its stake in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after acquiring an additional 39 shares during the last quarter. MRP Capital Investments LLC bought a new stake in GE Vernova in the 4th quarter worth approximately $25,000. Fairway Wealth LLC increased its stake in GE Vernova by 220.0% in the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock worth $26,000 after acquiring an additional 55 shares during the last quarter. Pineridge Advisors LLC increased its stake in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after acquiring an additional 69 shares during the last quarter. Finally, Navigoe LLC bought a new stake in GE Vernova in the 4th quarter worth approximately $27,000.

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.