GE Vernova (NYSE:GEV) Stock Price Up 4.9% After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shares were up 4.9% on Tuesday after Bank of America raised their price target on the stock from $380.00 to $415.00. Bank of America currently has a buy rating on the stock. GE Vernova traded as high as $388.88 and last traded at $384.81. Approximately 1,047,383 shares changed hands during trading, a decline of 60% from the average daily volume of 2,591,083 shares. The stock had previously closed at $366.81.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. lifted their target price on GE Vernova from $367.00 to $374.00 and gave the stock an “overweight” rating in a research note on Tuesday. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 target price for the company. Wolfe Research initiated coverage on GE Vernova in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price for the company. Finally, Barclays upped their price target on shares of GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus price target of $318.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Castleview Partners LLC bought a new stake in GE Vernova during the 3rd quarter valued at approximately $28,000. Pathway Financial Advisers LLC purchased a new stake in GE Vernova during the 2nd quarter valued at $29,000. Glass Jacobson Investment Advisors llc bought a new stake in GE Vernova in the 2nd quarter worth about $30,000. Covestor Ltd raised its holdings in shares of GE Vernova by 61.3% during 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 shares of GE Vernova during the 3rd quarter valued at $31,000.

GE Vernova Price Performance

The business has a fifty day simple moving average of $341.28 and a two-hundred day simple moving average of $260.29.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.26%.

GE Vernova declared that its board has approved a share repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

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.