Petredis Investment Advisors LLC Sells 172 Shares of GE Vernova Inc. (NYSE:GEV)

Petredis Investment Advisors LLC cut its stake in GE Vernova Inc. (NYSE:GEV) by 1.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,240 shares of the company’s stock after selling 172 shares during the period. Petredis Investment Advisors LLC’s holdings in GE Vernova were worth $4,355,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Armstrong Advisory Group Inc. grew its holdings in shares of GE Vernova by 3.5% in the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after purchasing an additional 27 shares during the last quarter. Hengehold Capital Management LLC grew its holdings in GE Vernova by 2.4% during the 4th quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after acquiring an additional 29 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in GE Vernova by 1.6% during the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after acquiring an additional 30 shares in the last quarter. Mutual Advisors LLC grew its holdings in GE Vernova by 1.2% during the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after acquiring an additional 31 shares in the last quarter. Finally, Pittenger & Anderson Inc. grew its holdings in GE Vernova by 28.0% during the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after acquiring an additional 35 shares in the last quarter.

GE Vernova Trading Down 4.2 %

Shares of NYSE GEV opened at $419.27 on Friday. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50. The company has a 50 day simple moving average of $351.59 and a two-hundred day simple moving average of $270.59. The stock 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 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. Analysts forecast that GE Vernova Inc. will post 6.61 EPS for the current year.

GE Vernova Announces Dividend

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

GE Vernova announced that its Board of Directors has approved a stock repurchase plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GEV. Truist Financial increased their target price on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a report on Thursday. Raymond James cut shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $376.00 target price on shares of GE Vernova in a report on Wednesday, December 11th. Evercore ISI increased their target price on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. increased their price target on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research report on Thursday. Eight equities 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.