Key Takeaways
- GE Vernova shares jumped 7% today, with Bloom Energy and Vertiv, after Constellation Energy beat estimates and raised its 2026 guidance.
- Constellation’s new deals show data-center buyers are still signing, so last week’s moratorium selloff looks overdone.
- Constellation has signed about 8,500 megawatts of long-term agreements this year, demand that fills GE Vernova’s backlog and drives Caterpillar’s power business.
- GE Vernova’s forward P/E is near its one-year low, while analysts expect its earnings to more than double from 2026 to 2028.
GE Vernova (GEV) stock is up 7% today after Constellation Energy (CEG) beat third-quarter estimates and raised its full-year guidance. Bloom Energy (BE) is up 14%, and Vertiv (VRT) is up 10%.
GE Vernova and Vertiv sold off on Nov. 4, along with Caterpillar (CAT), on fears that a Democratic Congress would make data centers harder to build.
Constellation’s buyers are still signing
Constellation now expects adjusted operating earnings of $12.50-$12.80 per share for 2026, up from $11.50-$12.50 and above the $12.22 analysts expected. It has also signed about 8,500 megawatts of long-term agreements this year, including deals with Amazon and Google. CEO Joe Dominguez says the new power is coming online with “no costs being borne by existing customers.”
TIKR tracks 38 analysts on GE Vernova. How many say “Buy”?
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GE Vernova’s order book is already full
GE Vernova’s third-quarter orders rose 96% organically to $29.3 billion. Its gas equipment under contract reached 122 gigawatts, and management expects at least 130 by year-end. Data centers were only about 20% of its contracted gas gigawatts at mid-year, so even a real slowdown would leave most of the order book in place. Analysts expect earnings to more than double from 2026 to 2028:
Nothing in Constellation’s report gives them a reason to cut those numbers.
Caterpillar is in the same boat. Its power generation sales rose 30% to $3.42 billion in the third quarter, mainly on turbines and large engines for data centers. If Constellation’s customers keep signing, those orders should hold up too.
Cheap by its own standards
GE Vernova traded at 33x forward earnings at Friday’s close, near its low for the past year and far below its 54x average. Today’s jump takes it to about 35x.
The market priced in a political hit that GE Vernova’s customers aren’t showing, and the bounce has room to run. Of course, states can move first: Texas’s governor-elect, Gina Hinojosa, has pledged to pause new data-center permits until the state writes rules for them. GE Vernova’s fourth-quarter report in late January will show whether its gas contracts got past 130 gigawatts.
So what is GE Vernova stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
