GE Vernova (NYSE:GEV) Shares Gap Up on Better-Than-Expected Earnings

Shares of GE Vernova Inc. (NYSE:GEV) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $326.07, but opened at $354.04. GE Vernova shares last traded at $348.66, with a volume of 1,317,438 shares trading hands.

The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.46. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $8.03 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same period last year, the company posted ($0.47) earnings per share.

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, April 18th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend is Thursday, April 17th. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Baird R W raised shares of GE Vernova to a “strong-buy” rating in a research note on Thursday, February 13th. Citigroup dropped their target price on shares of GE Vernova from $437.00 to $354.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Guggenheim reaffirmed a “buy” rating and set a $380.00 price objective on shares of GE Vernova in a research report on Thursday, April 17th. Truist Financial set a $440.00 target price on shares of GE Vernova in a research report on Thursday, March 27th. Finally, Marathon Capitl raised shares of GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and a consensus price target of $365.54.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GEV. FMR LLC boosted its position in shares of GE Vernova by 3.4% during the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock valued at $8,177,803,000 after purchasing an additional 814,155 shares in the last quarter. Capital International Investors grew its holdings in GE Vernova by 25.3% in the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock worth $4,886,164,000 after purchasing an additional 2,994,660 shares during the period. Geode Capital Management LLC boosted its position in shares of GE Vernova by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock worth $1,898,814,000 after purchasing an additional 195,828 shares in the last quarter. Norges Bank acquired a new stake in shares of GE Vernova in the 4th quarter valued at about $1,109,720,000. Finally, Northern Trust Corp increased its position in GE Vernova by 15.0% in the 4th quarter. Northern Trust Corp now owns 2,630,122 shares of the company’s stock valued at $865,126,000 after buying an additional 343,837 shares in the last quarter.

GE Vernova Stock Performance

The business has a 50 day moving average of $319.03 and a two-hundred day moving average of $331.01. The firm has a market capitalization of $91.84 billion and a price-to-earnings ratio of 60.43.

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.