GE Vernova (NYSE:GEV) Trading 2.2% Higher – Should You Buy?

GE Vernova Inc. (NYSE:GEV)’s stock price rose 2.2% on Wednesday . The stock traded as high as $368.79 and last traded at $364.27. Approximately 827,691 shares traded hands during trading, a decline of 80% from the average daily volume of 4,104,205 shares. The stock had previously closed at $356.53.

Wall Street Analyst Weigh In

GEV has been the subject of a number of analyst reports. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. Deutsche Bank Aktiengesellschaft started coverage on shares of GE Vernova in a research report on Monday, October 21st. They issued a “buy” rating and a $354.00 price target on the stock. Marathon Capitl raised GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Bank of America raised their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, Truist Financial raised their price objective on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Eight analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $342.94.

GE Vernova Stock Performance

The firm has a market capitalization of $101.57 billion and a P/E ratio of 66.27. The firm has a 50-day moving average of $356.29 and a 200-day moving average of $282.82.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The firm had revenue of $10.56 billion during 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%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. Equities analysts anticipate that GE Vernova Inc. will post 6.33 EPS for the current fiscal year.

GE Vernova Dividend Announcement

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

GE Vernova announced that its Board of Directors has approved a share buyback plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of GE Vernova

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Armstrong Advisory Group Inc. boosted its holdings in 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 last quarter. Hengehold Capital Management LLC boosted its stake in GE Vernova by 2.4% in the 4th quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after purchasing an additional 29 shares during the period. AdvisorNet Financial Inc boosted its position in shares of GE Vernova by 1.6% during the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after acquiring an additional 30 shares during the last quarter. Mutual Advisors LLC increased its holdings in shares of GE Vernova by 1.2% in the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after purchasing an additional 31 shares during the last quarter. Finally, WASHINGTON TRUST Co raised its holdings in shares of GE Vernova by 1.9% during the 4th quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock worth $560,000 after acquiring an additional 31 shares in 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.