Elwood Capital Partners LP Buys New Shares in GE Vernova Inc. (NYSE:GEV)

Elwood Capital Partners LP purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,500 shares of the company’s stock, valued at approximately $1,151,000. GE Vernova makes up 1.1% of Elwood Capital Partners LP’s investment portfolio, making the stock its 17th largest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. raised its holdings in shares of GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after buying an additional 27 shares in the last quarter. Hengehold Capital Management LLC raised its stake 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 acquiring an additional 29 shares in the last quarter. AdvisorNet Financial Inc raised its stake 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 acquiring an additional 30 shares in the last quarter. Mutual Advisors LLC lifted its holdings in shares of GE Vernova by 1.2% in the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after acquiring an additional 31 shares during the last quarter. Finally, WASHINGTON TRUST Co boosted its stake in shares of GE Vernova by 1.9% in the 4th quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock valued at $560,000 after purchasing an additional 31 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GEV. The Goldman Sachs Group lifted their target price on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. 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. William Blair restated an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Evercore ISI boosted their price objective on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Finally, Wells Fargo & Company increased their price objective on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Seven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given 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 target price of $349.54.

GE Vernova Stock Performance

Shares of GEV opened at $305.92 on Tuesday. GE Vernova Inc. has a fifty-two week low of $119.00 and a fifty-two week high of $447.50. The firm’s 50-day simple moving average is $343.76 and its two-hundred day simple moving average is $323.97. The stock has a market cap of $84.40 billion and a PE ratio of 55.02.

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

GE Vernova announced that its board has authorized a share repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

GE Vernova 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.