GE Vernova (NYSE:GEV) Trading Up 7.5% – Time to Buy?

GE Vernova Inc. (NYSE:GEV)’s share price shot up 7.5% during mid-day trading on Wednesday . The stock traded as high as $341.11 and last traded at $341.41. 1,734,137 shares changed hands during trading, a decline of 55% from the average session volume of 3,843,285 shares. The stock had previously closed at $317.69.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GEV shares. Wells Fargo & Company lifted their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Jefferies Financial Group lifted their price objective on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $453.00 price target on shares of GE Vernova in a research note on Tuesday, January 28th. Morgan Stanley raised their price objective 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. Finally, Robert W. Baird started coverage on GE Vernova in a report on Thursday, February 13th. They issued an “outperform” rating and a $448.00 price target on the stock. Eight analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $350.13.

GE Vernova Stock Performance

The business’s fifty day moving average price is $363.77 and its two-hundred day moving average price is $303.15. The firm has a market capitalization of $92.51 billion and a P/E ratio of 60.53.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s quarterly revenue was up 5.1% compared to the same quarter last year. Sell-side analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The company 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 0.30%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

GE Vernova announced that its Board of Directors has approved a share buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On GE Vernova

Institutional investors and hedge funds have recently modified their holdings of the stock. Mountaineer Partners Management LLC acquired a new stake in shares of GE Vernova in the 3rd quarter worth about $2,507,296,000. Norges Bank acquired a new position in GE Vernova during the 4th quarter valued at $1,109,720,000. Capital International Investors boosted its holdings in 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 purchasing an additional 2,994,660 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of GE Vernova by 1,638.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock valued at $432,309,000 after purchasing an additional 1,238,690 shares in the last quarter. Finally, WCM Investment Management LLC increased its holdings in GE Vernova by 83.1% in the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after purchasing an additional 1,161,901 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.