Gabelli Funds LLC has boosted its stake in GE Vernova Inc. (NYSE: GEV) by 4.5% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The investment firm now holds 84,431 shares of the energy company after acquiring an additional 3,616 shares. This increased holding is valued at approximately $44,677,000 as of the latest report.
Other institutional investors have also adjusted their positions in GE Vernova. For example, WFA Asset Management Corp entered a new stake valued at around $29,000 during the second quarter. Similarly, 1248 Management LLC and Ransom Advisory Ltd both acquired new positions in the first quarter, valued at approximately $31,000 and $33,000, respectively. Highline Wealth Partners LLC increased its investment by 34.6% during the same period, bringing its total to 70 shares worth about $37,000.
Analyst Ratings and Stock Performance
Analysts have recently updated their ratings for GE Vernova, reflecting a generally positive sentiment. On October 23, 2023, Susquehanna raised its price target from $740.00 to $750.00, assigning a “positive” rating. Other firms, including Royal Bank of Canada and Barclays, also adjusted their price targets upward, with Barclays setting a new target of $720.00. Currently, four analysts have rated the stock as a Strong Buy, while nineteen have issued a Buy recommendation. The average analyst rating for GE Vernova stands at “Moderate Buy,” with a consensus price target of $616.08.
As of the most recent trading session, shares of GE Vernova opened at $630.70. The stock has experienced significant volatility over the past year, with a low of $252.25 and a high of $677.29. The company boasts a market capitalization of $171.12 billion and a P/E ratio of 102.72.
Recent Earnings and Dividend Announcement
On October 22, 2023, GE Vernova released its quarterly earnings report, revealing an earnings per share (EPS) of $1.64. This figure fell short of analysts’ expectations, which had projected an EPS of $1.72. Despite this, the company reported revenue of $9.97 billion, surpassing the anticipated $9.15 billion. This represents an 11.8% increase in revenue compared to the same quarter last year, where the firm recorded a loss of ($0.35) per share.
In addition to its earnings report, GE Vernova announced a quarterly dividend of $0.25 per share, which was paid on November 17, 2023, to stockholders of record as of October 20, 2023. The annualized dividend totals $1.00, resulting in a dividend yield of 0.2%. The company maintains a payout ratio of 16.29%, indicating a balanced approach to returning capital to shareholders while investing in growth.
GE Vernova LLC operates as an energy business across three segments: Power, Wind, and Electrification. The Power segment is involved in generating electricity through various sources, including hydro, gas, nuclear, and steam power. The Wind segment manufactures and sells wind turbine blades, while the Electrification segment focuses on grid solutions and solar power.
Investors and analysts will continue to monitor GE Vernova closely, particularly in light of its recent financial performance and strategic investments by major stakeholders.
