Shares of GE Vernova Inc. (NYSE:GEV - Get Free Report) traded up 1.3% during trading on Tuesday . The stock traded as high as $373.64 and last traded at $372.50. 669,056 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 3,637,325 shares. The stock had previously closed at $367.59.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on GEV. TD Cowen initiated coverage on shares of GE Vernova in a research note on Thursday, December 5th. They set a "buy" rating and a $400.00 price objective for the company. Royal Bank of Canada reiterated an "outperform" rating and set a $453.00 target price on shares of GE Vernova in a report on Tuesday, January 28th. Jefferies Financial Group raised their price target on shares of GE Vernova from $348.00 to $391.00 and gave the company a "buy" rating in a report on Friday, December 13th. Marathon Capitl upgraded shares of GE Vernova to a "strong-buy" rating in a research note on Friday, January 31st. Finally, Guggenheim downgraded shares of GE Vernova from a "buy" rating to a "neutral" rating and set a $380.00 target price on the stock. in a research note on Friday, January 24th. Eight equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $350.13.
Check Out Our Latest Report on GE Vernova
GE Vernova Price Performance
The business has a 50 day simple moving average of $364.50 and a 200 day simple moving average of $298.16. The company has a market cap of $90.41 billion and a price-to-earnings ratio of 58.93.
GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $10.70 billion. The company's revenue for the quarter was up 5.1% on a year-over-year basis. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.
GE Vernova Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova's dividend payout ratio is currently 17.99%.
GE Vernova declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the business. Waverton Investment Management Ltd boosted its holdings in GE Vernova by 10.0% during the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company's stock worth $185,459,000 after buying an additional 66,455 shares during the last quarter. Register Financial Advisors LLC bought a new position in shares of GE Vernova during the fourth quarter worth about $206,000. Hanlon Investment Management Inc. acquired a new stake in shares of GE Vernova in the third quarter valued at 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 buying an additional 2,847 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC boosted its position in GE Vernova by 1,126.0% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company's stock valued at $294,000 after purchasing an additional 822 shares during the last quarter.
About GE Vernova
(
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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