GE Vernova (NYSE:GEV) Upgraded at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of GE Vernova (NYSE:GEV) from a sector perform rating to an outperform rating in a research report sent to investors on Wednesday, MarketBeat reports. They currently have $761.00 target price on the stock.

A number of other equities research analysts also recently issued reports on GEV. Redburn Partners set a $475.00 price target on GE Vernova in a research report on Wednesday, October 15th. Wolfe Research raised GE Vernova from a “peer perform” rating to a “buy” rating in a research note on Wednesday. Bank of America boosted their target price on GE Vernova from $725.00 to $804.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup cut their price target on shares of GE Vernova from $670.00 to $658.00 and set a “neutral” rating on the stock in a report on Thursday, October 23rd. Finally, UBS Group lifted their price target on shares of GE Vernova from $760.00 to $835.00 and gave the company a “buy” rating in a research report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $654.54.

GE Vernova Stock Performance

Shares of GEV stock opened at $672.32 on Wednesday. The firm has a market capitalization of $182.41 billion, a price-to-earnings ratio of 109.50, a price-to-earnings-growth ratio of 5.28 and a beta of 1.71. GE Vernova has a one year low of $252.25 and a one year high of $731.00. The company has a 50 day moving average price of $597.06 and a 200 day moving average price of $582.05.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.08). The company had revenue of $9.97 billion for the quarter, compared to analysts’ expectations of $9.15 billion. GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.35) earnings per share. As a group, equities analysts forecast that GE Vernova will post 6.59 EPS for the current fiscal year.

GE Vernova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be given a dividend of $0.50 per share. This is a boost from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, January 5th. This represents a $2.00 annualized dividend and a yield of 0.3%. GE Vernova’s dividend payout ratio is presently 32.57%.

Institutional Trading of GE Vernova

A number of hedge funds have recently made changes to their positions in GEV. Caitong International Asset Management Co. Ltd purchased a new position in GE Vernova in the first quarter valued at about $912,000. Pines Wealth Management LLC purchased a new stake in GE Vernova during the 2nd quarter worth approximately $408,000. Resona Asset Management Co. Ltd. increased its holdings in GE Vernova by 8.2% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 86,021 shares of the company’s stock worth $26,229,000 after purchasing an additional 6,551 shares during the last quarter. Dupree Financial Group LLC acquired a new position in shares of GE Vernova in the 2nd quarter valued at approximately $253,000. Finally, International Assets Investment Management LLC boosted its stake in shares of GE Vernova by 18.8% during the 2nd quarter. International Assets Investment Management LLC now owns 3,903 shares of the company’s stock valued at $2,065,000 after buying an additional 619 shares during the last quarter.

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.