GE Vernova (NYSE:GEV) Price Target Raised to $436.00

GE Vernova (NYSE:GEV) had its price target raised by JPMorgan Chase & Co. from $374.00 to $436.00 in a research note released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also issued reports on the company. Barclays increased their target price on GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft started coverage on GE Vernova in a research note on Monday, October 21st. They set a “buy” rating and a $354.00 price target for the company. Jefferies Financial Group boosted their target price on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Wolfe Research began coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 target price on the stock. Finally, Bank of America lifted their price target on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Stock Down 4.2 %

Shares of NYSE GEV opened at $419.27 on Thursday. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $447.50. The stock has a market cap of $115.57 billion and a P/E ratio of 75.41. The firm’s 50-day simple moving average is $353.38 and its 200 day simple moving average is $272.29.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company’s revenue was up 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that GE Vernova will post 6.61 earnings per share for the current fiscal year.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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 issued a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.24%. GE Vernova’s dividend payout ratio is currently 17.99%.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Cedar Mountain Advisors LLC grew its position in GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after purchasing an additional 39 shares in the last quarter. Castleview Partners LLC acquired a new stake in shares of GE Vernova during the third quarter worth $28,000. Pathway Financial Advisers LLC acquired a new position in shares of GE Vernova during the 2nd quarter worth approximately $29,000. Covestor Ltd lifted its position in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares during the period. Finally, Darwin Wealth Management LLC acquired a new position in shares of GE Vernova during the 3rd quarter worth $31,000.

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.