GE Vernova (NYSE:GEV) Shares Up 6.2% – Still a Buy?

GE Vernova Inc. (NYSE:GEV) shot up 6.2% on Thursday . The company traded as high as $383.85 and last traded at $375.08. 2,044,612 shares were traded during mid-day trading, a decline of 51% from the average session volume of 4,147,854 shares. The stock had previously closed at $353.25.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GEV shares. The Goldman Sachs Group upped their price objective on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, January 24th. 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 research note on Friday, December 13th. Morgan Stanley lifted their price target on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial upped their price objective on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Eight equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and an average price target of $342.94.

GE Vernova Price Performance

The company has a market cap of $102.74 billion and a PE ratio of 67.03. The company has a 50-day moving average price of $355.29 and a two-hundred day moving average price of $278.58.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. The business’s revenue was up 5.1% on a year-over-year basis. On average, equities research analysts anticipate that GE Vernova Inc. will post 6.33 earnings per share for the current year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.27%. GE Vernova’s dividend payout ratio is presently 17.99%.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC raised its holdings in shares of GE Vernova by 6.0% during the fourth quarter. Global Retirement Partners LLC now owns 4,776 shares of the company’s stock worth $1,571,000 after purchasing an additional 269 shares during the period. DSM Capital Partners LLC boosted its position in GE Vernova by 0.6% during the 4th quarter. DSM Capital Partners LLC now owns 151,382 shares of the company’s stock valued at $49,794,000 after purchasing an additional 859 shares during the period. Convergence Investment Partners LLC bought a new position in GE Vernova during the 4th quarter worth $1,365,000. Bank of Jackson Hole Trust acquired a new stake in GE Vernova in the fourth quarter worth $83,000. Finally, New York State Common Retirement Fund lifted its stake in GE Vernova by 2.2% in the fourth quarter. New York State Common Retirement Fund now owns 345,281 shares of the company’s stock valued at $113,573,000 after buying an additional 7,460 shares during the last quarter.

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.