Proficio Capital Partners LLC Purchases New Shares in GE Vernova Inc. (NYSE:GEV)

Proficio Capital Partners LLC purchased a new position in shares of GE Vernova Inc. (NYSE:GEV) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 874 shares of the company’s stock, valued at approximately $287,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Mountaineer Partners Management LLC acquired a new stake in shares of GE Vernova during the third quarter worth approximately $2,507,296,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in GE Vernova by 34.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,812,192 shares of the company’s stock worth $462,073,000 after acquiring an additional 460,834 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of GE Vernova by 284.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock worth $203,134,000 after purchasing an additional 456,879 shares during the last quarter. Castle Hook Partners LP raised its stake in shares of GE Vernova by 39.3% in the 3rd quarter. Castle Hook Partners LP now owns 1,050,806 shares of the company’s stock valued at $267,935,000 after purchasing an additional 296,464 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in shares of GE Vernova by 164.6% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 355,525 shares of the company’s stock worth $90,652,000 after purchasing an additional 221,179 shares during the last quarter.

GE Vernova Stock Down 5.6 %

Shares of NYSE GEV opened at $317.47 on Thursday. The stock has a market cap of $87.59 billion and a P/E ratio of 57.10. The firm’s 50-day simple moving average is $349.42 and its 200 day simple moving average is $321.12. GE Vernova Inc. has a fifty-two week low of $119.00 and a fifty-two week high of $447.50.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 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 the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova announced that its board has authorized 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 purchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

GEV has been the subject of several research analyst reports. Citigroup boosted their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Johnson Rice initiated coverage on GE Vernova in a research report on Friday, February 7th. They set a “buy” rating and a $425.00 price target on the stock. CICC Research assumed coverage on GE Vernova in a research note on Wednesday, February 19th. They set an “outperform” rating on the stock. Wolfe Research began coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 target price for the company. Finally, BMO Capital Markets reduced their price target on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Seven analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $348.72.

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.