GE Vernova (NYSE:GEV) Price Target Raised to $437.00

GE Vernova (NYSE:GEV) had its price objective hoisted by Citigroup from $361.00 to $437.00 in a research note released on Thursday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the company. HSBC reissued a “hold” rating and set a $255.00 price objective (up from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. The Goldman Sachs Group increased their price target on GE Vernova from $400.00 to $446.00 and gave the company a “buy” rating in a report on Thursday, January 16th. JPMorgan Chase & Co. lifted their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday. Bank of America increased their target price 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. Finally, TD Cowen assumed coverage on shares of GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 price target for the company. Eight research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Stock Performance

NYSE GEV opened at $419.27 on Thursday. The stock has a 50 day moving average price of $353.38 and a 200-day moving average price of $272.29. GE Vernova has a one year low of $115.00 and a one year high of $447.50. The company has a market capitalization of $115.57 billion and a P/E ratio of 75.41.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts predict that GE Vernova will post 6.61 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.24%. GE Vernova’s payout ratio is presently 17.99%.

GE Vernova declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

A number of large investors have recently bought and sold shares of the business. Cedar Mountain Advisors LLC increased its holdings 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 acquiring an additional 39 shares during the period. Castleview Partners LLC bought a new stake in GE Vernova during the third quarter valued at about $28,000. Pathway Financial Advisers LLC bought a new stake in GE Vernova during the second quarter valued at about $29,000. Covestor Ltd grew its stake in GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 46 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new position in GE Vernova in the third quarter worth about $31,000.

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.