GE Vernova Inc. (NYSE:GEV - Get Free Report) traded down 3.2% on Thursday . The stock traded as low as $361.90 and last traded at $363.12. 937,793 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 3,544,988 shares. The stock had previously closed at $375.20.
Analyst Ratings Changes
Several research analysts recently issued reports on the stock. Marathon Capitl raised shares of GE Vernova to a "strong-buy" rating in a research report on Friday, January 31st. Evercore ISI increased their price target on shares of GE Vernova from $385.00 to $390.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 11th. Royal Bank of Canada reissued an "outperform" rating and issued a $453.00 price target on shares of GE Vernova in a research report on Tuesday, January 28th. Truist Financial increased their price target on shares of GE Vernova from $420.00 to $470.00 and gave the stock a "buy" rating in a research report on Thursday, January 23rd. Finally, CICC Research began coverage on shares of GE Vernova in a report on Wednesday. They set an "outperform" rating for the company. Eight analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $350.13.
Check Out Our Latest Research Report on GE Vernova
GE Vernova Price Performance
The stock has a market capitalization of $90.41 billion and a P/E ratio of 58.93. The business's 50 day simple moving average is $364.41 and its 200-day simple moving average is $301.20.
GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data 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). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The firm's revenue was up 5.1% compared to the same quarter last year. Research analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.
GE Vernova Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.31%. GE Vernova's dividend payout ratio is 17.99%.
GE Vernova declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.
Hedge Funds Weigh In On GE Vernova
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Armstrong Advisory Group Inc. boosted its position in shares of GE Vernova by 3.5% during the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company's stock worth $262,000 after purchasing an additional 27 shares in the last quarter. Hengehold Capital Management LLC boosted its position in shares of GE Vernova by 2.4% during the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company's stock worth $405,000 after purchasing an additional 29 shares in the last quarter. AdvisorNet Financial Inc boosted its position in shares of GE Vernova by 1.6% during the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company's stock worth $611,000 after purchasing an additional 30 shares in the last quarter. Mutual Advisors LLC boosted its position in shares of GE Vernova by 1.2% during the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company's stock worth $888,000 after purchasing an additional 31 shares in the last quarter. Finally, WASHINGTON TRUST Co boosted its position in shares of GE Vernova by 1.9% during the fourth quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company's stock worth $560,000 after purchasing an additional 31 shares in the last quarter.
About GE Vernova
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Get Free Report)
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.
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