GE Vernova (NYSE:GEV) Trading Up 1.6% on Analyst Upgrade

Shares of GE Vernova Inc. (NYSE:GEV) shot up 1.6% during trading on Wednesday after BMO Capital Markets raised their price target on the stock from $360.00 to $420.00. The company traded as high as $434.10 and last traded at $422.47. 2,377,028 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 2,791,498 shares. The stock had previously closed at $416.00.

Other equities research analysts have also recently issued research reports about the company. Truist Financial increased their price target on GE Vernova from $400.00 to $420.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Morgan Stanley lifted their price target on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Oppenheimer started coverage on shares of GE Vernova in a report on Thursday, September 26th. They issued a “market perform” rating for the company. Barclays lifted their target price on shares of GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. 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, January 14th. Seven 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $326.85.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GEV. Cedar Mountain Advisors LLC boosted its stake in shares of GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying an additional 39 shares during the period. Castleview Partners LLC acquired a new position in GE Vernova during the 3rd quarter worth approximately $28,000. Covestor Ltd grew its holdings in GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in GE Vernova during the 3rd quarter worth approximately $31,000. Finally, Prestige Wealth Management Group LLC raised its holdings in shares of GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 77 shares in the last quarter.

GE Vernova Stock Performance

The business’s 50 day moving average is $347.50 and its 200 day moving average is $268.31.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The business had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. Analysts expect that GE Vernova Inc. will post 1.96 EPS for the current year.

GE Vernova Announces Dividend

The business also recently announced 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.23%. The ex-dividend date is Friday, December 20th.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors 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.