GE Vernova Inc. (NYSE:GEV) shares are trading lower on Wednesday.
According to Benzinga Pro, GEV stock has gained over 3% in the past one month. Investors can gain exposure to the stock via Invesco S&P Spin-Off ETF (NYSE:CSD) and Fidelity Clean Energy ETF (BATS:FRNW).
Yesterday, JP Morgan analyst Mark Strouse maintained GE Vernova as Overweight and raised the price target from $186 to $195.
Today, the firm secured a major order from Sonelgaz through their joint venture, GE Algeria Turbines (GEAT), to enhance Algeria's grid infrastructure.
GE Vernova, formerly part of General Electric (NYSE:GE), commenced trading independently on the NYSE in April.
The order, which was booked in the second quarter of 2024, involves GE Vernova supplying GEAT with high voltage (HV) equipment, components, and grid automation solutions for 134 substations by 2028.
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GEAT will integrate this equipment at its Ain Yagout facility in Batna, Algeria for Sonelgaz projects.
"Securing this major order is a testament to our commitment to advancing Algeria's energy infrastructure," said Philippe Piron, CEO of GE Vernova's Electrification Systems businesses.
With the GEAT joint venture and significant contributions to Algeria's energy sector, GE Vernova focuses on power solutions and employs over 300 local staff.
Price Action: GEV shares are trading lower by 4.8% to $173.94 on the last check Wednesday.
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