GE Vernova (NYSE:GEV) Issues Quarterly Earnings Results

GE Vernova (NYSE:GEV) released its quarterly earnings data on Wednesday. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57), Zacks reports. The company 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%. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis.

GE Vernova Stock Up 2.4 %

NYSE GEV opened at $437.37 on Friday. The business’s fifty day simple moving average is $349.37 and its 200-day simple moving average is $269.42. The firm has a market cap of $120.56 billion and a PE ratio of 78.66. GE Vernova has a 52 week low of $115.00 and a 52 week high of $447.50.

GE Vernova Dividend Announcement

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 paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date is Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is currently 17.99%.

Analyst Ratings Changes

A number of research firms recently weighed in on GEV. JPMorgan Chase & Co. upped their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of GE Vernova in a research note on Monday, October 21st. They set a “buy” rating and a $354.00 price objective on the stock. HSBC reissued a “hold” rating and issued a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Finally, BMO Capital Markets boosted their price target on GE Vernova from $360.00 to $420.00 and gave the stock an “outperform” rating in a research report on Tuesday. Eight analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $339.73.

GE Vernova announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.