GE Vernova (NYSE:GEV) Stock Price Down 3.1% – What’s Next?

GE Vernova Inc. (NYSE:GEV) traded down 3.1% during mid-day trading on Friday . The stock traded as low as $421.19 and last traded at $424.31. 1,033,515 shares changed hands during trading, a decline of 65% from the average session volume of 2,913,513 shares. The stock had previously closed at $437.71.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Truist Financial upped 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of GE Vernova in a report on Monday, October 21st. They set a “buy” rating and a $354.00 price objective for the company. HSBC reissued a “hold” rating and issued a $255.00 price target (up from $240.00) on shares of GE Vernova in a report on Friday, October 4th. TD Cowen initiated coverage on shares of GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target for the company. Finally, Guggenheim downgraded shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price target for the company. in a report on Friday. Eight investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Stock Performance

The firm has a market cap of $115.92 billion and a price-to-earnings ratio of 75.74. The business’s 50-day moving average is $351.59 and its 200-day moving average is $270.59.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data 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 company had revenue of $10.56 billion during the quarter, compared to analyst estimates 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 was up 5.1% on a year-over-year basis. Equities research analysts expect that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.24%. The ex-dividend date of this dividend is Friday, December 20th. GE Vernova’s payout ratio is presently 17.99%.

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

Institutional Investors Weigh In On GE Vernova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mountaineer Partners Management LLC bought a new position in shares of GE Vernova in the 3rd quarter valued at about $2,507,296,000. Legal & General Group Plc bought a new position in shares of GE Vernova in the 2nd quarter valued at about $293,699,000. Electron Capital Partners LLC boosted its stake in shares of GE Vernova by 1,641.3% in the 2nd quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock valued at $290,589,000 after purchasing an additional 1,596,996 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of GE Vernova by 35,238.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock valued at $366,098,000 after purchasing an additional 1,431,729 shares during the last quarter. Finally, WCM Investment Management LLC boosted its stake in shares of GE Vernova by 83.1% in the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after purchasing an additional 1,161,901 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.