GE Vernova Inc. (NYSE:GEV) Given Average Recommendation of “Moderate Buy” by Brokerages

GE Vernova Inc. (NYSE:GEV) has received a consensus rating of “Moderate Buy” from the twenty-eight brokerages that are currently covering the company, MarketBeat Ratings reports. Seven analysts have rated the stock with a hold recommendation, twenty have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $321.35.

A number of equities research analysts have commented on the company. HSBC restated a “hold” rating and issued a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. William Blair reissued an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Royal Bank of Canada reissued an “outperform” rating and set a $376.00 price objective on shares of GE Vernova in a research report on Wednesday, December 11th. Evercore ISI boosted their target price on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Bank of America increased their price target on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday.

GE Vernova Stock Performance

GE Vernova stock opened at $390.86 on Friday. The company has a 50-day moving average price of $342.29 and a 200 day moving average price of $261.18. GE Vernova has a 12-month low of $115.00 and a 12-month high of $397.76.

GE Vernova Dividend Announcement

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

GE Vernova declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Waverton Investment Management Ltd lifted its position in shares of GE Vernova by 10.0% in the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after acquiring an additional 66,455 shares in the last quarter. Hanlon Investment Management Inc. acquired a new position in GE Vernova in the third quarter valued at $1,101,000. Atria Investments Inc grew its holdings in shares of GE Vernova by 127.0% during the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after purchasing an additional 2,847 shares during the period. Fractal Investments LLC acquired a new stake in shares of GE Vernova in the third quarter worth $1,530,000. Finally, Legal & General Group Plc purchased a new position in GE Vernova in the second quarter valued at about $293,699,000.

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.