Parallel Advisors LLC Acquires 729 Shares of GE Vernova Inc. (NYSE:GEV)

Parallel Advisors LLC raised its stake in GE Vernova Inc. (NYSE:GEV) by 12.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,442 shares of the company’s stock after buying an additional 729 shares during the quarter. Parallel Advisors LLC’s holdings in GE Vernova were worth $2,119,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. grew its position in GE Vernova by 3.5% in the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after purchasing an additional 27 shares in the last quarter. Hengehold Capital Management LLC boosted its holdings in shares of GE Vernova by 2.4% in the 4th quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock valued at $405,000 after buying an additional 29 shares during the last quarter. AdvisorNet Financial Inc grew its stake in shares of GE Vernova by 1.6% in the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock valued at $611,000 after buying an additional 30 shares in the last quarter. Mutual Advisors LLC increased its holdings in GE Vernova by 1.2% during the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after buying an additional 31 shares during the last quarter. Finally, WASHINGTON TRUST Co raised its position in GE Vernova by 1.9% during the fourth quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock worth $560,000 after acquiring an additional 31 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GEV shares. Barclays lowered their price objective on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a research note on Monday, March 3rd. The Goldman Sachs Group upped their price objective on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, January 24th. New Street Research set a $380.00 target price on GE Vernova in a report on Wednesday, March 5th. Royal Bank of Canada cut their price target on GE Vernova from $453.00 to $445.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, CICC Research initiated coverage on shares of GE Vernova in a report on Wednesday, February 19th. They issued an “outperform” rating on the stock. Seven analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $348.72.

GE Vernova Stock Performance

Shares of GEV opened at $318.64 on Wednesday. GE Vernova Inc. has a 52-week low of $119.00 and a 52-week high of $447.50. The firm has a market cap of $87.91 billion and a price-to-earnings ratio of 57.31. The business’s fifty day moving average is $354.04 and its 200-day moving average is $316.24.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 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 business had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, research analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.