Guggenheim Downgrades GE Vernova (NYSE:GEV) to Neutral

GE Vernova (NYSE:GEV) was downgraded by research analysts at Guggenheim from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, MarketBeat reports. They currently have a $380.00 price objective on the stock. Guggenheim’s price target would suggest a potential downside of 9.37% from the company’s previous close.

GEV has been the subject of a number of other reports. BMO Capital Markets boosted their target price on shares of GE Vernova from $360.00 to $420.00 and gave the company an “outperform” rating in a research note on Tuesday, January 21st. Barclays upped their target price on shares of GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research note on Thursday. Wells Fargo & Company lifted their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Citigroup increased their price objective on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Wolfe Research began coverage on GE Vernova in a report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $339.73.

GE Vernova Price Performance

Shares of NYSE GEV opened at $419.27 on Friday. GE Vernova has a 1 year low of $115.00 and a 1 year high of $447.50. The firm has a 50-day simple moving average of $353.38 and a two-hundred day simple moving average of $272.29. The company has a market cap of $115.57 billion and a P/E ratio of 75.41.

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

GE Vernova declared that its Board of Directors has authorized a stock buyback program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On GE Vernova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cedar Mountain Advisors LLC grew its stake in shares of GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after acquiring an additional 39 shares during the last quarter. Castleview Partners LLC acquired a new stake in GE Vernova in the 3rd quarter worth approximately $28,000. Riggs Asset Managment Co. Inc. grew its position in GE Vernova by 93.4% during the 4th quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock worth $39,000 after purchasing an additional 57 shares during the last quarter. Covestor Ltd grew its position 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 purchasing an additional 46 shares during the last quarter. Finally, Darwin Wealth Management LLC acquired a new position in GE Vernova during the 3rd quarter valued at approximately $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.