GE Vernova (NYSE:GEV) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

GE Vernova (NYSE:GEV) had its price objective upped by analysts at The Goldman Sachs Group from $400.00 to $446.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 10.99% from the company’s previous close.

Several other brokerages have also recently commented on GEV. Hsbc Global Res cut shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. BMO Capital Markets increased their price objective on shares of GE Vernova from $245.00 to $288.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. TD Cowen initiated coverage on GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price on the stock. William Blair reissued an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price target for the company. Seven research 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $321.35.

GE Vernova Price Performance

Shares of GE Vernova stock opened at $401.84 on Thursday. GE Vernova has a 52-week low of $115.00 and a 52-week high of $404.13. The business’s 50 day simple moving average is $343.37 and its 200 day simple moving average is $262.08.

GE Vernova announced that its board has authorized a share repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On GE Vernova

Several institutional investors have recently made changes to their positions in GEV. Mountaineer Partners Management LLC bought a new position in shares of GE Vernova in the third quarter worth $2,507,296,000. Newport Trust Company LLC bought a new stake in shares of GE Vernova during the 2nd quarter valued at approximately $650,140,000. Marshall Wace LLP acquired a new position in GE Vernova during the 2nd quarter worth approximately $399,770,000. Legal & General Group Plc acquired a new position in GE Vernova during the 2nd quarter worth approximately $293,699,000. Finally, Electron Capital Partners LLC lifted its stake in GE Vernova by 1,641.3% in the 2nd quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock valued at $290,589,000 after purchasing an additional 1,596,996 shares during the last quarter.

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.