GE Vernova Inc. (NYSE:GEV) Shares Acquired by Essex Financial Services Inc.

Essex Financial Services Inc. increased its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,408 shares of the company’s stock after acquiring an additional 160 shares during the quarter. Essex Financial Services Inc.’s holdings in GE Vernova were worth $2,108,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of GEV. Cedar Mountain Advisors LLC lifted its stake in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after purchasing an additional 39 shares in the last quarter. Pineridge Advisors LLC increased its holdings in shares of GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after purchasing an additional 69 shares during the last quarter. Castleview Partners LLC purchased a new position in GE Vernova during the third quarter worth approximately $28,000. Riggs Asset Managment Co. Inc. boosted its stake in GE Vernova by 93.4% during the fourth quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock worth $39,000 after buying an additional 57 shares during the last quarter. Finally, Covestor Ltd boosted its stake in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after buying an additional 46 shares during the last quarter.

GE Vernova Stock Down 3.1 %

NYSE:GEV opened at $373.13 on Wednesday. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50. The company has a fifty day simple moving average of $359.53 and a two-hundred day simple moving average of $288.77. The company has a market cap of $102.95 billion and a price-to-earnings ratio of 67.11.

GE Vernova (NYSE:GEV) last released its earnings results 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 return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio is presently 17.99%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Barclays boosted their price target on shares of GE Vernova from $420.00 to $487.00 and gave the company an “overweight” rating in a research report on Thursday, January 23rd. Marathon Capitl upgraded shares of GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. The Goldman Sachs Group raised their price target on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Morgan Stanley lifted their price target on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Truist Financial increased their price objective on GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Eight equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $346.22.

GE Vernova 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.