26. GE Vernova Inc. (NYSE:GEV)
No. of Billionaire Investors: 20
Total Value of Billionaire Holdings: $2.98 Billion
GE Vernova Inc. (NYSE:GEV) is a global energy company focused on creating a sustainable electric power system. It serves to electrify and decarbonize the world through its Power, Wind, and Electrification segments. The company is using AI to enhance the demand for its energy networks. Recently, the company announced its joint venture with NRG Energy Inc. and Kiewit intending to introduce new electricity generation capacity to the market in response to the growing demand for computing power and generative AI.
On February 13, Baird’s Ben Kallo initiated coverage on GEV with an Outperform rating on the shares and a price target of $448. The analyst has indicated the company’s industry-leading position to be a key growth factor amid the growing energy demand, particularly electricity. GEV is currently benefiting from the worldwide increase in electricity needs, generating an annual revenue of $34.94 billion in FY2024. Baird believes that GEV’s diverse technology portfolio, substantial scale, and pricing power are major factors that contribute to its robust market presence.
During Q4 FY2024, GE Vernova Inc. (NYSE:GEV) received record orders of $13.2 billion up 22% year-over-year organically. The company’s Power and Electrification segment was key to this robust performance.
Fidelity Dividend Growth Fund stated the following regarding GE Vernova Inc. (NYSE:GEV) in its Q3 2024 investor letter:
“Among individual holdings, the top relative contributor was an overweight stake in GE Vernova Inc. (NYSE:GEV). The company’s shares gained about 49% in the past three months, as the power-generation business that split from General Electric on April 2 continued to fare well as a stand-alone entity. On July 24, the company reported quarterly earnings that were better than expected, boosted by its natural gas power-turbine business, and released an optimistic financial forecast for the rest of 2024.”
