GE Vernova (NYSE:GEV) Issues Quarterly Earnings Results

GE Vernova (NYSE:GEV) posted its quarterly earnings results on Wednesday. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57), Zacks reports. GE Vernova had a net margin of 3.67% and a return on equity of 4.22%.

GE Vernova Trading Up 3.8 %

NYSE GEV opened at $416.68 on Wednesday. The business’s fifty day simple moving average is $345.63 and its 200-day simple moving average is $266.62. GE Vernova has a 52 week low of $115.00 and a 52 week high of $417.21.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be given a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.24%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Morgan Stanley raised their target price on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. William Blair reissued an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. TD Cowen started coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target for the company. Wells Fargo & Company boosted their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Bank of America raised their target price on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.85.

GE Vernova declared that its board has authorized a share repurchase program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

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.