12 Best Energy Stocks to Invest In According to Billionaires

2. GE Vernova Inc. (NYSE:GEV)

Number of Billionaire Holders: 20

GE Vernova Inc. (NYSE:GEV) brings together General Electric’s portfolio of energy businesses including Power, Wind, Electrification, and Digital businesses. With approximately 57,000 wind turbines and 7,000 gas turbines, GEV’s technology base helps generate approximately 25% of the world’s electricity and has a meaningful role to play in the transition to clean energy.

GE Vernova Inc. (NYSE:GEV)’s quarterly net income more than doubled to $484 million in Q4 2024, but its EPS of $1.73 still missed expectations by $0.71. The company also posted a record revenue of $10.56 billion during the quarter as the growing need for reliable power boosted demand for its gas turbines as well as grid equipment and services. GEV also delivered approximately $600 million of positive free cash flow in the fourth quarter and nearly doubled its cash balance to over $8 billion. As a result, the energy giant approved an initial $6 billion share repurchase authorization and declared a quarterly dividend of $0.25 per share in January.

The strong market demand for gas generation presents a significant growth opportunity for GE Vernova Inc. (NYSE:GEV). For the full-year 2024, the company built approximately 20 gigawatts of gas orders, double the level in 2023, and secured 9 gigawatts of slot reservation agreements for new turbines, which should convert to orders by the end of 2026. Moreover, GEV delivers about $2 billion of upgrades annually in its gas business, expecting it to grow to $ 3 billion by the end of the decade.