New York, February 5, 2026, 11:59 (EST) — Regular session
- Shares of GE Vernova dropped roughly 1.6% in late-morning trading
- The company wrapped up a $2.6 billion senior notes offering to finance its acquisition of Prolec GE.
- The wind unit flagged 1.1 GW of U.S. repower orders lined up for 2025; Baird responded by upgrading the stock
Shares of GE Vernova Inc. fell roughly 1.6% to $734.33 in late-morning trading on Thursday. Earlier in the session, the stock fluctuated between $712.09 and $762.39.
Utilities are racing to boost generation and upgrade grid equipment as data center power demand surges. On Thursday, Xcel Energy posted a 22% rise in quarterly profit and revealed it struck deals with NextEra Energy and GE Vernova earlier this week to accelerate electricity output. (Reuters)
GE Vernova revealed in a filing that it has wrapped up an underwritten $2.6 billion senior notes offering, with maturities set for 2031, 2036, and 2056. The bonds feature coupons at 4.250%, 4.875%, and 5.500%. The company intends to use the proceeds for general corporate purposes, including funding part of its recent acquisition of the remaining 50% stake in Prolec GE, finalized on Feb. 2. Citigroup, J.P. Morgan, and Morgan Stanley led the underwriting, according to the filing.
GE Vernova reported securing orders in 2025 to repower 1.1 gigawatts of U.S. onshore turbines, upgrading older units with updated nacelles and drive trains from its Pensacola, Florida plant. Uzair Memon, chief commercial officer for onshore wind services, described the orders as proof of “the critical role our advanced technology plays.” Wind executive David Hardy added that repowering can “rejuvenate a wind farm” and cut operations and maintenance costs. The company expects these projects to be commercially operational between 2026 and 2027. GE Vernova also clarified this announcement does not include new orders beyond what was previously disclosed. (Businesswire)
Xcel has finalized a reservation agreement to purchase five F-class gas turbines from GE Vernova and secured capacity reservations for several gigawatts of wind projects using GE’s turbines—locking in future production slots. GE Vernova CEO Scott Strazik said the deal allows both companies to “align our technology roadmaps.” Xcel CEO Bob Frenzel added the partnership is designed to help them move “at the speed and scale” needed to meet demand. (Xcelenergy)
Analyst sentiment has turned. On Wednesday, Baird upgraded GE Vernova to Outperform, boosting its price target from $701 to $923. Analyst Ben Kallo said concerns overcapacity are “farther away” than previously thought and pointed to GE Vernova as a potential “biggest beneficiary” of the energy-infrastructure cycle. (Investing)
Traders are focused on whether customer reservations and service work are turning into higher-margin revenue fast enough to counter rising financing costs and maintain cash flow. The debt raise and the wind-services news provide some support for the bigger picture, but neither offers a clear “new orders today” boost.
But the trade-off runs both ways. More debt means tougher execution hurdles, and investors quickly shrug off press releases that either recycle old order numbers or delay cash flow projections.
GE Vernova will hold its first-quarter 2026 earnings webcast on April 22. Investors will be watching closely for updates on new order intake, free cash flow, and any revisions to the 2026 guidance. (Gevernova)
