Why GE Vernova stock hit a record high on Thursday

VaselineSeptember 13, 2024

0 1 minute read

Why GE Vernova stock hit a record high on Thursday

<p>TIMOTHY A. CLARY / AFP via Getty Images</p>
<p> GE Aerospace and GE Vernova executives and employees call the New York Stock Exchange on April 2, 2024, when GE Vernova went public.” bad-src=”https://s.yimg.com/ny/api/res /1.2/ZbH8wIEqa_FpfDQaeGqkmA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU1NA–/https://media.zenfs.com/en/investopedia_245/ebecd2bbf8ec922415c6a0c4e5c0113e” src=”https://s.yimg.com/ny/api/res/1.2/ZbH8wIEqa_FpfDQaeGqkmA 8wIEqa_FpfDQaeGqkmA- -/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU1NA–/https://media.zenfs.com/en/investopedia_245/ebecd2bbf8ec922415c6a0c4e5c0113e”/></p></div>
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<div class= — TIMOTHY A. CLARY / AFP via Getty Images

Executives and employees of GE Aerospace and GE Vernova ring the opening bell at the New York Stock Exchange on April 2, 2024, when GE Vernova went public.

Key recommendations

Shares of GE Vernova closed at the highest level since it was spun off from General Electric in April.
The company said its offshore wind division should be profitable in the fourth quarter.
Strength in its power and electrification segments led the company to reaffirm its guidance for the full year.

GE Vernova (GEV) ended Thursday at a record high after the recent General Electric spin-off reaffirmed its full-year financial guidance.

The energy company said at a Morgan Stanley investment conference on Thursday that it expects revenue at the higher end of its previously disclosed $34 billion to $35 billion range due to strength in its power and electrification segments. Its offshore wind segment, which is expected to post a loss of $300 million in the third quarter, should be profitable by the fourth quarter.

Record almost reached on Thursday

Shares of GE Vernova rose 2.9 percent, reversing an early session decline, to $215.27.

The company began trading in April after General Electric spun off the energy division from the aerospace division, the entities becoming GE Vernova and GE Aerospace (GE), respectively. Shares of GE Vernova are up more than 50% since their trading debut.