GE Vernova (NYSE:GEV) Stock Price Down 2.2% – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares dropped 2.2% during mid-day trading on Monday . The company traded as low as $348.95 and last traded at $364.75. Approximately 1,675,865 shares traded hands during trading, a decline of 60% from the average daily volume of 4,200,525 shares. The stock had previously closed at $372.88.

Analyst Upgrades and Downgrades

GEV has been the subject of several analyst reports. Truist Financial increased their target price on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Barclays lifted their target price on shares of GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. BMO Capital Markets upped their target price on GE Vernova from $360.00 to $420.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. Jefferies Financial Group lifted their price target on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft started coverage on GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $342.94.

GE Vernova Price Performance

The company has a market cap of $99.51 billion and a PE ratio of 64.93. The firm’s 50 day moving average is $355.29 and its 200 day moving average is $280.05.

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 the consensus estimate of $2.30 by ($0.57). The firm 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 quarterly revenue was up 5.1% compared to the same quarter last year. As a group, analysts anticipate that GE Vernova Inc. will post 6.33 EPS for the current year.

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.28%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

Several hedge funds have recently bought and sold shares of the stock. Waverton Investment Management Ltd lifted its holdings in shares of GE Vernova by 10.0% during the 3rd 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 bought a new stake in GE Vernova during the fourth quarter worth about $206,000. Hanlon Investment Management Inc. bought a new stake in GE Vernova during the third quarter worth about $1,101,000. Atria Investments Inc boosted its holdings in shares of GE Vernova by 127.0% in the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after purchasing an additional 2,847 shares in the last quarter. Finally, Fractal Investments LLC purchased a new position in shares of GE Vernova during the 3rd quarter valued at about $1,530,000.

GE Vernova Company Profile

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.