GE Vernova (NYSE:GEV) to Buyback $6.00 billion in Stock

GE Vernova (NYSE:GEV) announced that its board has approved a stock buyback plan on Tuesday, December 10th, RTT News reports. The company plans to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

GE Vernova Trading Down 2.3 %

Shares of GEV opened at $327.41 on Wednesday. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $357.09. The firm has a 50-day simple moving average of $306.45 and a 200-day simple moving average of $228.84.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.31%.

Wall Street Analyst Weigh In

Several analysts have recently commented on GEV shares. William Blair started coverage on shares of GE Vernova in a research report on Thursday, August 29th. They set an “outperform” rating on the stock. BMO Capital Markets boosted their target price on GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Barclays boosted their target price on GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Morgan Stanley upped their price objective on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, JPMorgan Chase & Co. upped their price objective on GE Vernova from $330.00 to $356.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $304.73.

GE Vernova Company 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.