GE Vernova (NYSE:GEV) Shares Down 1.8% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) traded down 1.8% during mid-day trading on Tuesday . The stock traded as low as $355.15 and last traded at $355.33. 730,381 shares were traded during trading, a decline of 82% from the average session volume of 4,155,180 shares. The stock had previously closed at $361.71.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GEV. Guggenheim downgraded shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 target price on the stock. in a research report on Friday, January 24th. Truist Financial boosted their target price on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Marathon Capitl raised GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. BMO Capital Markets upped their price target on GE Vernova from $360.00 to $420.00 and gave the company an “outperform” rating in a research report on Tuesday, January 21st. Finally, TD Cowen started coverage on GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $342.94.

GE Vernova Stock Performance

The business’s 50 day moving average price is $356.93 and its 200-day moving average price is $283.41. The company has a market cap of $103.28 billion and a price-to-earnings ratio of 67.39.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova’s revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts expect that GE Vernova Inc. will post 6.33 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.27%. GE Vernova’s dividend payout ratio (DPR) is presently 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Mountaineer Partners Management LLC acquired a new stake in shares of GE Vernova during the 3rd quarter worth about $2,507,296,000. International Assets Investment Management LLC grew its stake in GE Vernova by 35,238.2% during the third quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock worth $366,098,000 after buying an additional 1,431,729 shares during the last quarter. WCM Investment Management LLC increased its holdings in shares of GE Vernova by 83.1% during the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after buying an additional 1,161,901 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of GE Vernova in the fourth quarter valued at approximately $219,187,000. Finally, FMR LLC raised its stake in shares of GE Vernova by 2.5% in the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after acquiring an additional 584,208 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.