12 Best Large Cap Stocks To Buy Now

9. GE Vernova Inc. (NYSE:GEV)

Market Capitalization as of September 13: $62.33 billion

Number of Hedge Fund Holders: 92

GE Vernova Inc. (NYSE:GEV) is an energy equipment manufacturing and services company that helps customers meet their energy needs and specializes in renewable energy technologies, power generation, and grid solutions.

The company has a legacy of over 130 years in the manufacturing of electrical equipment, natural gas turbines, wind turbines, hydropower turbines, and high-voltage electrical transmission products. It plays a significant role in the green energy sector, with its technology being utilized in ~55,000 wind turbines and ~7,000 gas turbines across ~100 countries, collectively generating ~25% of the world’s electricity.

In Q2 2024, GE Vernova Inc. (NYSE:GEV) generated a revenue of $8.20 billion, which was less than Street estimates by $55.00 million. Revenue grew 2% with continued strength in electrification and power, partially offset by Wind. Services revenue increased 9% with growth across all segments.

The company is set to capitalize on the growing energy demand from the electrification of transportation and AI-driven electricity demand. The IEA forecasts a 4% rise in global electricity demand for 2024 and 2025, up from 2.5% in 2023.

All this growth potential positions the company for success, and makes it one of the top large-cap stocks that investors should consider. As of the second quarter, 92 hedge funds hold long positions in the company.

The company is expanding its portfolio of onshore and offshore wind projects (in the clean energy sector). It’s not limited to wind energy and participates in the broader transition towards lower carbon energy solutions. Its innovative application of AI for efficient power management and autonomous inspections further strengthens its competitive advantage in the market.

Carillon Eagle Mid Cap Growth Fund stated the following regarding GE Vernova Inc. (NYSE:GEV) in its Q2 2024 investor letter:

“GE Vernova Inc. (NYSE:GEV) is a global electric power company that was recently spun out of a much larger industrial conglomerate. The company’s shares performed well in their first quarter as a standalone company, primarily as a result of the increasing outlook for power demand growth, both domestically and abroad. We believe GE Vernova is well positioned to capitalize on this growing trend across its various products and services, but most notably within its large-scale gas turbine equipment and related services, as well as in its high-voltage electrical transmission products.”