Short Interest in GE Vernova Inc. (NYSE:GEV) Declines By 26.1%

GE Vernova Inc. (NYSE:GEV) was the recipient of a large drop in short interest in February. As of February 15th, there was short interest totalling 3,390,000 shares, a drop of 26.1% from the January 31st total of 4,590,000 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average trading volume of 3,480,000 shares, the days-to-cover ratio is presently 1.0 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Howard Capital Management Group LLC acquired a new position in shares of GE Vernova in the third quarter valued at approximately $213,000. Stephens Inc. AR increased its position in GE Vernova by 5.4% during the 3rd quarter. Stephens Inc. AR now owns 7,650 shares of the company’s stock valued at $1,951,000 after purchasing an additional 389 shares during the period. Chicago Partners Investment Group LLC increased its position in GE Vernova by 75.6% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 5,913 shares of the company’s stock valued at $1,655,000 after purchasing an additional 2,546 shares during the period. Private Management Group Inc. acquired a new stake in GE Vernova during the 3rd quarter valued at approximately $216,000. Finally, Lmcg Investments LLC acquired a new stake in GE Vernova during the 3rd quarter valued at approximately $276,000.

GE Vernova Price Performance

GEV traded down $3.42 on Tuesday, hitting $312.56. 6,255,824 shares of the stock were exchanged, compared to its average volume of 4,030,628. GE Vernova has a 12 month low of $115.00 and a 12 month high of $447.50. The business has a 50-day moving average of $362.56 and a two-hundred day moving average of $308.16. The firm has a market capitalization of $86.24 billion and a price-to-earnings ratio of 56.22.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). The firm 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%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. Equities research analysts expect that GE Vernova will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.32%. GE Vernova’s dividend payout ratio (DPR) is currently 17.99%.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GEV shares. Guggenheim cut shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective for the company. in a research report on Friday, January 24th. Wells Fargo & Company lifted their price target on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Truist Financial lifted their price target on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Robert W. Baird began coverage on shares of GE Vernova in a research report on Thursday, February 13th. They set an “outperform” rating and a $448.00 price target for the company. Finally, Wolfe Research began coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target for the company. Eight research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and an average target price of $347.83.

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.