GE Vernova (NYSE:GEV) Stock Price Up 6.2% – Should You Buy?

Shares of GE Vernova Inc. (NYSE:GEV) traded up 6.2% on Friday . The company traded as high as $692.50 and last traded at $681.78. 4,935,899 shares traded hands during mid-day trading, an increase of 68% from the average session volume of 2,939,858 shares. The stock had previously closed at $642.23.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Morgan Stanley upped their price target on shares of GE Vernova from $710.00 to $822.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Mizuho cut their target price on shares of GE Vernova from $677.00 to $660.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. UBS Group increased their price target on shares of GE Vernova from $760.00 to $835.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Redburn Partners set a $475.00 price target on shares of GE Vernova in a research note on Wednesday, October 15th. Finally, Evercore ISI began coverage on shares of GE Vernova in a research report on Monday, December 15th. They set an “outperform” rating and a $860.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $703.04.

GE Vernova Stock Performance

The company’s 50-day moving average price is $627.34 and its 200 day moving average price is $610.18. The stock has a market capitalization of $184.98 billion, a P/E ratio of 111.04, a P/E/G ratio of 2.70 and a beta of 1.67.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, October 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.08). GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.The business had revenue of $9.97 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter in the previous year, the company posted ($0.35) EPS. The company’s quarterly revenue was up 11.8% on a year-over-year basis. Analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be paid 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 32.57%.

Institutional Investors Weigh In On GE Vernova

A number of institutional investors have recently added to or reduced their stakes in GEV. Jackson Grant Investment Advisers Inc. grew its stake in GE Vernova by 344.4% during the third quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock valued at $25,000 after acquiring an additional 31 shares in the last quarter. Wealth Watch Advisors INC bought a new position in shares of GE Vernova during the 3rd quarter valued at about $25,000. ORG Wealth Partners LLC grew its position in shares of GE Vernova by 241.7% during the fourth quarter. ORG Wealth Partners LLC now owns 41 shares of the company’s stock valued at $27,000 after purchasing an additional 29 shares in the last quarter. WFA Asset Management Corp bought a new stake in shares of GE Vernova in the second quarter worth about $29,000. Finally, Howard Hughes Medical Institute purchased a new stake in shares of GE Vernova in the second quarter worth about $31,000.

About GE Vernova

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.