GE Vernova Inc. (NYSE:GEV) Sees Large Decline in Short Interest

GE Vernova Inc. (NYSE:GEV) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 4,590,000 shares, a drop of 12.9% from the January 15th total of 5,270,000 shares. Currently, 1.7% of the company’s stock are sold short. Based on an average daily trading volume, of 3,320,000 shares, the days-to-cover ratio is presently 1.4 days.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on GEV shares. Johnson Rice started coverage on GE Vernova in a research note on Friday, February 7th. They issued a “buy” rating and a $425.00 target price for the company. Truist Financial increased their target price on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. TD Cowen started coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Citigroup increased their target price on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Finally, Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Eight analysts have rated the stock with a hold rating, twenty have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $350.13.

GE Vernova Price Performance

Shares of NYSE GEV traded up $5.00 during mid-day trading on Tuesday, hitting $372.59. The company had a trading volume of 2,405,847 shares, compared to its average volume of 3,694,381. GE Vernova has a 12 month low of $115.00 and a 12 month high of $447.50. The firm’s 50 day simple moving average is $362.38 and its two-hundred day simple moving average is $295.72. The stock has a market cap of $102.70 billion and a price-to-earnings ratio of 67.01.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS 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 firm had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova’s revenue was up 5.1% on a year-over-year basis. Equities analysts forecast that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The business also recently announced 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 0.27%. The ex-dividend date was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

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

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently modified their holdings of the stock. FMR LLC grew its holdings in shares of GE Vernova by 3.4% in the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock worth $8,177,803,000 after acquiring an additional 814,155 shares during the last quarter. Capital International Investors grew its holdings in shares of GE Vernova by 25.3% during the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock valued at $4,886,164,000 after buying an additional 2,994,660 shares in the last quarter. State Street Corp grew its holdings in shares of GE Vernova by 1.1% during the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after buying an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new position in shares of GE Vernova during the third quarter valued at $2,507,296,000. Finally, Geode Capital Management LLC grew its holdings in shares of GE Vernova by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after buying an additional 195,828 shares in 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.