GE Vernova (NYSE:GEV) Trading Up 15.6% Following Dividend Announcement

GE Vernova Inc. (NYSE:GEV) traded up 15.6% during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as $731.00 and last traded at $722.5550. 11,118,805 shares changed hands during mid-day trading, an increase of 227% from the average session volume of 3,398,087 shares. The stock had previously closed at $625.30.

The newly announced dividend which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be paid a $0.50 dividend. This is an increase from GE Vernova’s previous quarterly dividend of $0.25. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Monday, January 5th. GE Vernova’s payout ratio is 16.29%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Oppenheimer raised shares of GE Vernova from a “market perform” rating to an “outperform” rating and set a $855.00 price target for the company in a research note on Wednesday. Susquehanna upped their target price on shares of GE Vernova from $750.00 to $775.00 and gave the stock a “positive” rating in a research report on Wednesday. Mizuho reduced their target price on GE Vernova from $677.00 to $660.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. BMO Capital Markets lifted their price target on GE Vernova from $710.00 to $780.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating on shares of GE Vernova in a research report on Wednesday. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $654.54.

GE Vernova Trading Up 15.6%

The company has a market capitalization of $196.04 billion, a P/E ratio of 117.68, a price-to-earnings-growth ratio of 4.65 and a beta of 1.71. The stock’s fifty day moving average is $593.56 and its 200 day moving average is $579.74.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.08). The firm had revenue of $9.97 billion during the quarter, compared to analysts’ expectations of $9.15 billion. GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. GE Vernova’s revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.35) EPS. On average, analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

Institutional Investors Weigh In On GE Vernova

Institutional investors and hedge funds have recently bought and sold shares of the business. Jackson Grant Investment Advisers Inc. boosted its holdings in GE Vernova by 344.4% in the third quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock valued at $25,000 after acquiring an additional 31 shares in the last quarter. Wealth Watch Advisors INC purchased a new stake in shares of GE Vernova in the 3rd quarter worth about $25,000. WFA Asset Management Corp bought a new stake in shares of GE Vernova during the 2nd quarter valued at about $29,000. 1248 Management LLC purchased a new position in shares of GE Vernova during the first quarter valued at about $31,000. Finally, Howard Hughes Medical Institute purchased a new position in shares of GE Vernova during the second quarter valued at about $31,000.

GE Vernova Company Profile

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.