GE Vernova (NYSE:GEV) Shares Down 3.2% – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares traded down 3.2% on Thursday . The stock traded as low as $361.90 and last traded at $363.12. 937,793 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 3,544,988 shares. The stock had previously closed at $375.20.

Analysts Set New Price Targets

GEV has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of GE Vernova from $360.00 to $420.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. Baird R W upgraded shares of GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. TD Cowen began coverage on shares of GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective for the company. Marathon Capitl raised GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $453.00 price target on shares of GE Vernova in a report on Tuesday, January 28th. Eight investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $350.13.

GE Vernova Trading Down 8.9 %

The stock has a fifty day moving average of $364.41 and a two-hundred day moving average of $299.31. The stock has a market capitalization of $90.41 billion and a price-to-earnings ratio of 58.93.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The business’s revenue was up 5.1% compared to the same quarter last year. Equities analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio is presently 17.99%.

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

Institutional Trading of GE Vernova

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mountaineer Partners Management LLC bought a new position in GE Vernova in the 3rd quarter valued at $2,507,296,000. Norges Bank acquired a new position in shares of GE Vernova during the fourth quarter valued at $1,109,720,000. Capital International Investors boosted its holdings in GE Vernova by 25.3% in the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock valued at $4,886,164,000 after acquiring an additional 2,994,660 shares during the last quarter. International Assets Investment Management LLC increased its position in GE Vernova by 35,238.2% in the third quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock worth $366,098,000 after purchasing an additional 1,431,729 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in GE Vernova by 1,638.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after purchasing an additional 1,238,690 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.