Guggenheim Upgrades GE Vernova (NYSE:GEV) to “Buy”

GE Vernova (NYSE:GEV) was upgraded by equities researchers at Guggenheim from a “neutral” rating to a “buy” rating in a research note issued on Wednesday, Marketbeat.com reports. The brokerage currently has a $380.00 target price on the stock. Guggenheim’s price objective would suggest a potential upside of 29.87% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Wolfe Research started coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target for the company. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. The Goldman Sachs Group upped their price target on shares of GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Robert W. Baird started coverage on shares of GE Vernova in a research note on Thursday, February 13th. They issued an “outperform” rating and a $448.00 price objective on the stock. Finally, Citigroup raised their target price on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Seven investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $347.83.

GE Vernova Stock Performance

Shares of NYSE GEV opened at $292.60 on Wednesday. The company’s fifty day moving average price is $360.94 and its 200 day moving average price is $308.11. GE Vernova has a 1 year low of $115.00 and a 1 year high of $447.50. The company has a market capitalization of $80.73 billion and a PE ratio of 52.63.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, equities analysts expect that GE Vernova will post 6.59 EPS for the current year.

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

Institutional Trading of GE Vernova

A number of hedge funds and other institutional investors have recently made changes to their positions in GEV. Howard Capital Management Group LLC bought a new stake in shares of GE Vernova in the third quarter worth $213,000. Janney Montgomery Scott LLC boosted its holdings in GE Vernova by 16.6% in the third quarter. Janney Montgomery Scott LLC now owns 38,389 shares of the company’s stock worth $9,789,000 after purchasing an additional 5,472 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in GE Vernova by 3.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 76,832 shares of the company’s stock worth $19,591,000 after purchasing an additional 2,377 shares during the period. Pittenger & Anderson Inc. boosted its holdings in GE Vernova by 28.0% in the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after purchasing an additional 35 shares during the period. Finally, Fractal Investments LLC acquired a new position in GE Vernova in the third quarter worth $1,530,000.

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.