GE Vernova (NYSE:GEV) Upgraded by Royal Bank Of Canada to “Outperform” Rating

Royal Bank Of Canada upgraded shares of GE Vernova (NYSE:GEV) from a sector perform rating to an outperform rating in a research note published on Wednesday morning, Marketbeat.com reports. The brokerage currently has $761.00 price objective on the stock.

GEV has been the subject of a number of other reports. Melius Research set a $740.00 price target on GE Vernova and gave the company a “buy” rating in a report on Monday, September 15th. Oppenheimer upgraded shares of GE Vernova from a “market perform” rating to an “outperform” rating and set a $855.00 target price for the company in a research note on Wednesday. Wells Fargo & Company raised their price target on shares of GE Vernova from $697.00 to $717.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a report on Wednesday. Finally, Melius raised shares of GE Vernova from a “hold” rating to a “buy” rating and set a $740.00 target price on the stock in a research note on Monday, September 15th. Four analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and a consensus target price of $654.54.

GE Vernova Price Performance

NYSE GEV opened at $722.56 on Wednesday. GE Vernova has a 1 year low of $252.25 and a 1 year high of $731.00. The company has a market capitalization of $196.04 billion, a PE ratio of 117.68, a P/E/G ratio of 4.65 and a beta of 1.71. The company has a fifty day moving average of $593.56 and a 200 day moving average of $579.74.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.08). The company had revenue of $9.97 billion for 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%. The business’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.35) EPS. Research analysts expect that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 5th will be paid a dividend of $0.50 per share. 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 dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, January 5th. GE Vernova’s dividend payout ratio is presently 16.29%.

Institutional Investors Weigh In On GE Vernova

Several institutional investors have recently bought and sold shares of the company. Brighton Jones LLC lifted its position in shares of GE Vernova by 29.4% in the fourth quarter. Brighton Jones LLC now owns 3,315 shares of the company’s stock valued at $1,091,000 after acquiring an additional 753 shares in the last quarter. Townsquare Capital LLC raised its stake in GE Vernova by 13.8% in the 1st quarter. Townsquare Capital LLC now owns 6,044 shares of the company’s stock valued at $1,845,000 after purchasing an additional 731 shares during the last quarter. Benjamin Edwards Inc. raised its stake in GE Vernova by 7.5% in the 1st quarter. Benjamin Edwards Inc. now owns 2,726 shares of the company’s stock valued at $832,000 after purchasing an additional 191 shares during the last quarter. SouthState Corp lifted its holdings in GE Vernova by 1,055.6% in the 1st quarter. SouthState Corp now owns 416 shares of the company’s stock valued at $127,000 after purchasing an additional 380 shares in the last quarter. Finally, Meridian Wealth Management LLC boosted its stake in GE Vernova by 5.6% during the 1st quarter. Meridian Wealth Management LLC now owns 3,685 shares of the company’s stock worth $1,125,000 after purchasing an additional 194 shares during the last quarter.

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.