GE Vernova (NYSE:GEV) Stock Price Down 1.3% – What’s Next?

GE Vernova Inc. (NYSE:GEV) dropped 1.3% during mid-day trading on Tuesday . The stock traded as low as $317.70 and last traded at $325.85. Approximately 4,193,616 shares changed hands during mid-day trading, an increase of 10% from the average daily volume of 3,803,373 shares. The stock had previously closed at $330.00.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GEV. Jefferies Financial Group upped their target price on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Wolfe Research began coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target on the stock. William Blair restated an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. 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, Royal Bank of Canada reissued an “outperform” rating and set a $453.00 price objective on shares of GE Vernova in a report on Tuesday. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $342.94.

GE Vernova Stock Up 8.3 %

The company’s 50-day moving average is $353.99 and its 200 day moving average is $276.49. The company has a market cap of $105.50 billion and a price-to-earnings ratio of 68.84.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion for 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. Analysts predict that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

GE Vernova declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of GE Vernova

Several institutional investors have recently modified their holdings of GEV. Mackenzie Financial Corp acquired a new position in GE Vernova in the 2nd quarter valued at $4,004,000. Ascent Group LLC acquired a new stake in shares of GE Vernova in the second quarter valued at about $327,000. Creative Planning purchased a new position in shares of GE Vernova in the second quarter worth about $8,105,000. Northwestern Mutual Wealth Management Co. acquired a new position in GE Vernova during the second quarter worth about $2,511,000. Finally, NewEdge Advisors LLC purchased a new stake in GE Vernova during the 2nd quarter valued at about $1,851,000.

GE Vernova Company Profile

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.