GE Vernova (NYSE:GEV) Lowered to “Neutral” Rating by Guggenheim

Guggenheim cut shares of GE Vernova (NYSE:GEV) from a buy rating to a neutral rating in a research note published on Friday, Marketbeat reports. Guggenheim currently has $380.00 price objective on the stock.

Several other research firms have also weighed in on GEV. Evercore ISI raised their target price on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft began coverage on GE Vernova in a research report on Monday, October 21st. They issued a “buy” rating and a $354.00 price target on the stock. Citigroup raised their price target on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday. TD Cowen began coverage on GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target on the stock. Finally, HSBC reaffirmed a “hold” rating and issued a $255.00 price target (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Eight investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $339.73.

GE Vernova Trading Down 4.2 %

Shares of NYSE:GEV opened at $419.27 on Friday. GE Vernova has a 1 year low of $115.00 and a 1 year high of $447.50. The business has a fifty day simple moving average of $351.59 and a 200 day simple moving average of $270.59. The firm has a market cap of $115.57 billion and a price-to-earnings ratio of 75.41.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data 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). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, sell-side analysts forecast that GE Vernova will post 6.61 EPS for the current year.

GE Vernova declared that its board has authorized a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.24%. The ex-dividend date is Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GEV. Mountaineer Partners Management LLC acquired a new stake in GE Vernova during the 3rd quarter worth $2,507,296,000. Legal & General Group Plc acquired a new stake in GE Vernova during the 2nd quarter worth $293,699,000. International Assets Investment Management LLC grew its holdings in GE Vernova by 35,238.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock worth $366,098,000 after acquiring an additional 1,431,729 shares during the period. WCM Investment Management LLC grew its holdings in GE Vernova by 83.1% during the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after acquiring an additional 1,161,901 shares during the period. Finally, Point72 Asset Management L.P. grew its holdings in GE Vernova by 4,735.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 725,250 shares of the company’s stock worth $124,388,000 after acquiring an additional 710,250 shares during the period.

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.