Gifford Fong Associates Takes $1.64 Million Position in GE Vernova Inc. (NYSE:GEV)

Gifford Fong Associates acquired a new stake in GE Vernova Inc. (NYSE:GEV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 9,575 shares of the company’s stock, valued at approximately $1,642,000.

A number of other hedge funds and other institutional investors have also modified their holdings of GEV. Bank of New York Mellon Corp purchased a new position in shares of GE Vernova in the 2nd quarter valued at $537,674,000. Price T Rowe Associates Inc. MD purchased a new position in shares of GE Vernova in the 1st quarter valued at $367,474,000. Assenagon Asset Management S.A. purchased a new position in shares of GE Vernova in the 2nd quarter valued at $217,569,000. Dimensional Fund Advisors LP purchased a new position in shares of GE Vernova in the 2nd quarter valued at $176,775,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of GE Vernova in the 2nd quarter valued at $119,390,000.

GE Vernova Stock Down 0.6 %

Shares of NYSE GEV opened at $235.63 on Thursday. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $241.52. The company has a 50-day moving average of $185.43.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.69 by $0.02. The company had revenue of $8.20 billion during the quarter, compared to analyst estimates of $8.42 billion. As a group, research analysts anticipate that GE Vernova Inc. will post 3.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Daiwa America raised shares of GE Vernova to a “strong-buy” rating in a research report on Friday, June 21st. Evercore ISI raised their price objective on shares of GE Vernova from $202.00 to $240.00 and gave the stock an “outperform” rating in a research report on Thursday, September 12th. Argus began coverage on shares of GE Vernova in a research report on Thursday, June 13th. They set a “buy” rating and a $190.00 price objective on the stock. Bank of America raised shares of GE Vernova from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $200.00 to $300.00 in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised their price objective on shares of GE Vernova from $216.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, September 13th. Three research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $217.64.

GE Vernova Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.