GE Vernova (NYSE:GEV) Announces Earnings Results

GE Vernova (NYSE:GEV) released its quarterly earnings results on Wednesday. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57), Zacks reports. The company had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. GE Vernova’s revenue for the quarter was up 5.1% compared to the same quarter last year.

GE Vernova Trading Up 2.6 %

Shares of NYSE:GEV opened at $426.84 on Thursday. The company’s 50-day moving average price is $349.37 and its 200 day moving average price is $269.42. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $434.10.

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.23%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova announced that its board has authorized a share buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have issued reports on GEV shares. Evercore ISI upped their target price on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Truist Financial lifted their target price on shares of GE Vernova from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Morgan Stanley raised their price objective on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Raymond James lowered GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of GE Vernova from $367.00 to $374.00 and gave the company an “overweight” rating in a research note on Tuesday, January 14th. Seven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.85.

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.