GE Vernova (NYSE:GEV) Trading 1.6% Higher After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shares traded up 1.6% during mid-day trading on Wednesday after Bank of America raised their price target on the stock from $380.00 to $415.00. Bank of America currently has a buy rating on the stock. GE Vernova traded as high as $392.77 and last traded at $388.43. 729,311 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 2,619,073 shares. The stock had previously closed at $382.26.

A number of other equities analysts have also issued reports on GEV. Royal Bank of Canada reiterated an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a research report on Wednesday, December 11th. Truist Financial increased their target price on shares of GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Morgan Stanley raised their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. The Goldman Sachs Group raised their price objective on shares of GE Vernova from $324.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, William Blair restated an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $318.60.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Castleview Partners LLC purchased a new stake in shares of GE Vernova in the third quarter worth approximately $28,000. Covestor Ltd lifted its position in shares of GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of GE Vernova in the third quarter worth approximately $31,000. Prestige Wealth Management Group LLC lifted its position in shares of GE Vernova by 175.0% in the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 77 shares in the last quarter. Finally, Planning Capital Management Corp lifted its position in shares of GE Vernova by 1,000.0% in the third quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock worth $36,000 after purchasing an additional 130 shares in the last quarter.

GE Vernova Stock Up 1.1 %

The business’s 50-day moving average price is $341.28 and its 200-day moving average price is $260.29.

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.26%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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.