GE Vernova (NYSE:GEV) Trading 1.8% Higher After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) traded up 1.8% during mid-day trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $400.00 to $446.00. The Goldman Sachs Group currently has a buy rating on the stock. GE Vernova traded as high as $396.00 and last traded at $393.81. 528,410 shares changed hands during trading, a decline of 80% from the average session volume of 2,593,063 shares. The stock had previously closed at $387.03.

A number of other research analysts have also recently issued reports on GEV. Evercore ISI lifted their price objective on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Oppenheimer assumed coverage on GE Vernova in a report on Thursday, September 26th. They issued a “market perform” rating for the company. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 11th. BMO Capital Markets lifted their price target on GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $321.35.

Institutional Trading of GE Vernova

Institutional investors and hedge funds have recently modified their holdings of the stock. Waverton Investment Management Ltd increased its stake in shares of GE Vernova by 10.0% in the 3rd 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 during the last quarter. Hanlon Investment Management Inc. bought a new stake in shares of GE Vernova in the 3rd quarter valued at about $1,101,000. Atria Investments Inc increased its stake in shares of GE Vernova by 127.0% in the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock valued at $1,297,000 after acquiring an additional 2,847 shares during the last quarter. Fractal Investments LLC acquired a new position in shares of GE Vernova in the 3rd quarter valued at approximately $1,530,000. Finally, Legal & General Group Plc acquired a new position in shares of GE Vernova in the 2nd quarter valued at approximately $293,699,000.

GE Vernova Price Performance

The company has a 50-day moving average of $342.29 and a 200-day moving average of $261.18.

GE Vernova Dividend Announcement

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 $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.26%.

GE Vernova declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally a sign 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.