Parker Investment Management LLC Makes New Investment in GE Vernova Inc. (NYSE:GEV)

Parker Investment Management LLC purchased a new position in shares of GE Vernova Inc. (NYSE:GEV) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 42,773 shares of the company’s stock, valued at approximately $14,069,000. GE Vernova comprises approximately 2.2% of Parker Investment Management LLC’s portfolio, making the stock its 11th biggest holding.

A number of other hedge funds have also recently modified their holdings of the business. Armstrong Advisory Group Inc. boosted its position in shares of GE Vernova by 3.5% in the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after purchasing an additional 27 shares during the period. Hengehold Capital Management LLC lifted its stake in shares of GE Vernova by 2.4% during the 4th quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock valued at $405,000 after buying an additional 29 shares in the last quarter. AdvisorNet Financial Inc boosted its holdings in GE Vernova by 1.6% in the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after buying an additional 30 shares during the period. Mutual Advisors LLC increased its stake in GE Vernova by 1.2% in the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after buying an additional 31 shares in the last quarter. Finally, WASHINGTON TRUST Co raised its holdings in GE Vernova by 1.9% during the fourth quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock valued at $560,000 after acquiring an additional 31 shares during the period.

GE Vernova Price Performance

Shares of GE Vernova stock opened at $269.89 on Tuesday. The stock has a market cap of $74.46 billion and a price-to-earnings ratio of 48.54. The firm’s 50-day moving average is $358.84 and its two-hundred day moving average is $311.18. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data 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 business had revenue of $10.56 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. On average, equities analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova announced that its board has approved a share buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Guggenheim raised shares of GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 target price for the company in a research note on Wednesday, March 5th. Wolfe Research initiated coverage on GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and set a $453.00 price target on shares of GE Vernova in a research note on Tuesday, January 28th. BMO Capital Markets reduced their price objective on GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Finally, Wells Fargo & Company increased their target price on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Seven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and a consensus target price of $349.02.

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.