GE Vernova (NYSE:GEV) Now Covered by CICC Research

CICC Research initiated coverage on shares of GE Vernova (NYSE:GEV) in a research report released on Wednesday,Benzinga reports. The firm issued an outperform rating on the stock.

A number of other brokerages have also weighed in on GEV. Barclays upped their price objective on GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Robert W. Baird started coverage on shares of GE Vernova in a research note on Thursday, February 13th. They set an “outperform” rating and a $448.00 price target on the stock. Citigroup increased their price target on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Guggenheim downgraded shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective on the stock. in a report on Friday, January 24th. Finally, Morgan Stanley increased their target price on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Eight equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $350.13.

GE Vernova Stock Performance

GEV stock opened at $374.87 on Wednesday. The stock has a market capitalization of $103.43 billion and a PE ratio of 67.42. The company has a fifty day moving average of $363.90 and a 200-day moving average of $297.73. GE Vernova has a one year low of $115.00 and a one year high of $447.50.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS 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 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% compared to the same quarter last year. Equities analysts forecast that GE Vernova will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.27%. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

GE Vernova announced that its board has initiated a stock repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On GE Vernova

Several institutional investors have recently added to or reduced their stakes in the business. FMR LLC grew its holdings in GE Vernova by 3.4% in the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock valued at $8,177,803,000 after buying an additional 814,155 shares during the period. Capital International Investors boosted its position in shares of GE Vernova by 25.3% in the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock worth $4,886,164,000 after acquiring an additional 2,994,660 shares during the last quarter. State Street Corp grew its holdings in GE Vernova by 1.1% in the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares during the period. Mountaineer Partners Management LLC acquired a new position in GE Vernova during the third quarter worth approximately $2,507,296,000. Finally, Geode Capital Management LLC raised its stake in GE Vernova by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock worth $1,898,814,000 after purchasing an additional 195,828 shares during the period.

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.