GE Vernova (NYSE:GEV) Trading Down 2.2% – Should You Sell?

GE Vernova Inc. (NYSE:GEV)’s stock price dropped 2.2% during mid-day trading on Monday . The company traded as low as $348.95 and last traded at $364.75. Approximately 1,675,865 shares traded hands during trading, a decline of 60% from the average daily volume of 4,200,525 shares. The stock had previously closed at $372.88.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GEV. The Goldman Sachs Group boosted their target price on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Wells Fargo & Company boosted their price objective on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft started coverage on shares of GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 target price on the stock. Truist Financial upped their price target on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Finally, Jefferies Financial Group raised their price target on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Eight 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $342.94.

GE Vernova Price Performance

The stock has a 50 day simple moving average of $355.29 and a 200-day simple moving average of $280.05. The firm has a market cap of $99.51 billion and a PE ratio of 64.93.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results 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 the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, equities analysts predict that GE Vernova Inc. will post 6.33 EPS for the current fiscal year.

GE Vernova Announces Dividend

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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.28%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

GE Vernova announced that its board has approved 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 buy up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Trading of GE Vernova

Several large investors have recently modified their holdings of GEV. Waverton Investment Management Ltd increased its position in shares of GE Vernova by 10.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after purchasing an additional 66,455 shares during the last quarter. Register Financial Advisors LLC purchased a new stake in GE Vernova during the fourth quarter valued at approximately $206,000. Hanlon Investment Management Inc. bought a new position in GE Vernova in the third quarter worth approximately $1,101,000. Atria Investments Inc boosted its stake in shares of GE Vernova by 127.0% during the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after acquiring an additional 2,847 shares during the last quarter. Finally, Fractal Investments LLC bought a new stake in shares of GE Vernova during the 3rd quarter valued at $1,530,000.

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.