GE Vernova (NYSE:GEV) Shares Down 3.5% – Here’s Why

Shares of GE Vernova Inc. (NYSE:GEV) dropped 3.5% on Wednesday . The stock traded as low as $1,116.59 and last traded at $1,133.6540. Approximately 2,343,907 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 2,803,096 shares. The stock had previously closed at $1,174.86.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Guggenheim lifted their price objective on shares of GE Vernova from $910.00 to $1,300.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. JPMorgan Chase & Co. upped their target price on shares of GE Vernova from $1,000.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. BNP Paribas Exane cut shares of GE Vernova from an “outperform” rating to a “neutral” rating and set a $1,190.00 target price for the company. in a research note on Monday, April 27th. The Goldman Sachs Group reiterated a “buy” rating and issued a $1,328.00 price target on shares of GE Vernova in a report on Friday, April 24th. Finally, Zacks Research cut shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $1,089.88.

GE Vernova Trading Up 0.0%

The firm has a market cap of $299.20 billion, a P/E ratio of 32.43, a P/E/G ratio of 3.76 and a beta of 1.09. The stock has a 50 day simple moving average of $1,042.29 and a 200-day simple moving average of $878.33. The company has a current ratio of 0.89, a quick ratio of 0.65 and a debt-to-equity ratio of 0.19.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, April 22nd. The company reported $17.44 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $15.49. GE Vernova had a return on equity of 43.97% and a net margin of 23.81%.The firm had revenue of $9.34 billion during the quarter, compared to the consensus estimate of $9.19 billion. During the same period in the prior year, the company earned $0.91 EPS. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. On average, equities research analysts expect that GE Vernova Inc. will post 16.77 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 16th. This represents a $2.00 annualized dividend and a yield of 0.2%. GE Vernova’s dividend payout ratio (DPR) is 5.83%.

Insiders Place Their Bets

In other news, CAO Matthew Joseph Potvin sold 2,333 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $1,059.09, for a total transaction of $2,470,856.97. Following the sale, the chief accounting officer directly owned 3,549 shares in the company, valued at approximately $3,758,710.41. This represents a 39.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Victor Abate sold 4,819 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the sale, the chief executive officer owned 1,835 shares in the company, valued at $1,739,726.80. This represents a 72.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Auto Owners Insurance Co boosted its holdings in shares of GE Vernova by 110,973.4% in the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock worth $2,278,224,000 after purchasing an additional 34,826,773 shares during the period. Vanguard Group Inc. raised its holdings in GE Vernova by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,023,625 shares of the company’s stock valued at $16,354,691,000 after buying an additional 208,162 shares during the period. State Street Corp lifted its position in GE Vernova by 2.1% in the fourth quarter. State Street Corp now owns 11,469,670 shares of the company’s stock worth $7,496,232,000 after buying an additional 231,392 shares during the last quarter. Geode Capital Management LLC lifted its position in GE Vernova by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 6,249,193 shares of the company’s stock worth $4,074,039,000 after buying an additional 68,894 shares during the last quarter. Finally, Morgan Stanley boosted its stake in GE Vernova by 12.8% during the fourth quarter. Morgan Stanley now owns 6,054,474 shares of the company’s stock worth $3,957,024,000 after buying an additional 685,466 shares during the period.

GE Vernova Company Profile

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.