What's Going On With GE Vernova Shares Today?
Portfolio Pulse from Nabaparna Bhattacharya
GE Vernova Inc. (NYSE:GEV) shares are trading lower by 4.8% today despite securing a major order from Sonelgaz through their joint venture, GE Algeria Turbines (GEAT). The order involves supplying high voltage equipment and grid automation solutions for 134 substations by 2028. JP Morgan analyst Mark Strouse recently raised the price target for GEV from $186 to $195. Investors can gain exposure to GEV via Invesco S&P Spin-Off ETF (NYSE:CSD) and Fidelity Clean Energy ETF (BATS:FRNW).
July 17, 2024 | 2:54 pm
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NEUTRAL IMPACT
GE Vernova, formerly part of General Electric (NYSE:GE), has secured a major order from Sonelgaz and had its price target raised by JP Morgan.
While GE Vernova's recent activities are positive, the direct impact on General Electric is limited as GEV is now an independent entity.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30
NEUTRAL IMPACT
GE Vernova shares are down 4.8% today despite securing a significant order from Sonelgaz. JP Morgan recently raised the price target for GEV from $186 to $195.
The drop in GEV shares could be due to profit-taking after a recent 3% gain over the past month. The major order from Sonelgaz and the raised price target by JP Morgan are positive long-term indicators, but the immediate market reaction is neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Invesco S&P Spin-Off ETF (NYSE:CSD) provides exposure to GE Vernova, which has recently secured a major order from Sonelgaz and had its price target raised by JP Morgan.
CSD's exposure to GE Vernova could benefit from the long-term positive outlook due to the major order and raised price target, despite the short-term drop in GEV shares.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Fidelity Clean Energy ETF (BATS:FRNW) provides exposure to GE Vernova, which has recently secured a major order from Sonelgaz and had its price target raised by JP Morgan.
FRNW's exposure to GE Vernova could benefit from the long-term positive outlook due to the major order and raised price target, despite the short-term drop in GEV shares.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50