CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases New Shares in GE Vernova Inc. (NYSE:GEV)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in GE Vernova Inc. (NYSE:GEV) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,000 shares of the company’s stock, valued at approximately $1,645,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in GEV. Castleview Partners LLC acquired a new position in GE Vernova in the third quarter valued at approximately $28,000. Pathway Financial Advisers LLC acquired a new position in GE Vernova in the second quarter valued at about $29,000. Covestor Ltd increased its stake in GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in GE Vernova in the 3rd quarter worth $31,000. Finally, Prestige Wealth Management Group LLC lifted its stake in GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after acquiring an additional 77 shares in the last quarter.

GE Vernova Trading Down 4.2 %

Shares of GEV opened at $419.27 on Friday. The stock has a market capitalization of $115.57 billion and a P/E ratio of 75.41. The firm’s fifty day simple moving average is $351.59 and its two-hundred day simple moving average is $270.59. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova’s revenue was up 5.1% compared to the same quarter last year. As a group, research analysts predict that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

GE Vernova announced that its board has approved a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.24%. GE Vernova’s dividend payout ratio is presently 17.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on GEV shares. Bank of America upped their price objective on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. The Goldman Sachs Group upped their target price on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research report on Friday. Morgan Stanley raised their price target on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Jefferies Financial Group raised their price objective on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Guggenheim cut shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 target price for the company. in a research report on Friday. Eight research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $339.73.

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.