Sheets Smith Wealth Management Takes Position in GE Vernova Inc. (NYSE:GEV)

Sheets Smith Wealth Management acquired a new position in shares of GE Vernova Inc. (NYSE:GEV) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,026 shares of the company’s stock, valued at approximately $666,000.

A number of other hedge funds have also modified their holdings of the company. Castleview Partners LLC bought a new position in shares of GE Vernova during the 3rd quarter worth approximately $28,000. Pathway Financial Advisers LLC bought a new position in GE Vernova in the second quarter valued at $29,000. Covestor Ltd increased its stake in GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 46 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in GE Vernova during the 3rd quarter worth about $31,000. Finally, Prestige Wealth Management Group LLC boosted its stake in shares of GE Vernova by 175.0% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after buying an additional 77 shares during the last quarter.

Analysts Set New Price Targets

Several analysts recently issued reports on GEV shares. William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 11th. Royal Bank of Canada reiterated an “outperform” rating and set a $376.00 price objective on shares of GE Vernova in a research note on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft started coverage on shares of GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 target price for the company. Wolfe Research started coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target on the stock. Finally, Citigroup lifted their price objective on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research report on Monday, December 9th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $326.85.

GE Vernova Stock Performance

Shares of NYSE:GEV opened at $426.84 on Thursday. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $434.10. The company’s 50 day moving average price is $347.50 and its two-hundred day moving average price is $268.31.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. GE Vernova’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts forecast that GE Vernova Inc. will post 1.96 EPS for the current year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its board has approved a stock repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.