GE Vernova (NYSE:GEV) Stock Price Up 2.4% Following Analyst Upgrade

GE Vernova Inc. (NYSE:GEV)’s share price traded up 2.4% during mid-day trading on Friday 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 $399.06 and last traded at $400.23. 656,905 shares were traded during trading, a decline of 74% from the average session volume of 2,555,010 shares. The stock had previously closed at $391.00.

Several other equities analysts also recently issued reports on GEV. Bank of America upped their target price on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday. Citigroup raised their price objective on GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a research note on Monday, December 9th. JPMorgan Chase & Co. upped their target price on GE Vernova from $367.00 to $374.00 and gave the company an “overweight” rating in a research report on Tuesday. Truist Financial increased their price target on shares of GE Vernova from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Thursday. Finally, TD Cowen began coverage on shares of GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $321.35.

Institutional Investors Weigh In On GE Vernova

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its position in shares of GE Vernova by 2.5% during the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after purchasing an additional 584,208 shares during the last quarter. State Street Corp boosted its stake in shares of GE Vernova by 1.1% in the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after acquiring an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova during the third quarter worth approximately $2,507,296,000. Geode Capital Management LLC increased its position in shares of GE Vernova by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after purchasing an additional 80,479 shares in the last quarter. Finally, Newport Trust Company LLC acquired a new position in GE Vernova in the 2nd quarter valued at $650,140,000.

GE Vernova Stock Up 2.8 %

The business has a fifty day simple moving average of $343.37 and a two-hundred day simple moving average of $262.08.

GE Vernova Announces Dividend

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

GE Vernova announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

About GE Vernova

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.