GE Vernova (NYSE:GEV) Shares Up 1.9% After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shares were up 1.9% on Thursday after Truist Financial raised their price target on the stock from $420.00 to $470.00. Truist Financial currently has a buy rating on the stock. GE Vernova traded as high as $435.99 and last traded at $435.19. Approximately 812,392 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 2,838,909 shares. The stock had previously closed at $427.10.

Several other research firms also recently commented on GEV. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 11th. Evercore ISI increased their target price on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. HSBC reaffirmed a “hold” rating and set a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Jefferies Financial Group boosted their price objective on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. raised their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a report on Thursday. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average price target of $337.48.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cedar Mountain Advisors LLC lifted 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 last quarter. Castleview Partners LLC bought a new stake in shares of GE Vernova in the 3rd quarter valued at approximately $28,000. Pathway Financial Advisers LLC purchased a new position in GE Vernova during the second quarter worth $29,000. Covestor Ltd raised its stake in shares of 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 acquiring an additional 46 shares during the period. Finally, Darwin Wealth Management LLC bought a new stake in shares of GE Vernova in the 3rd quarter worth about $31,000.

GE Vernova Trading Up 2.4 %

The business’s 50 day moving average is $349.37 and its 200 day moving average is $269.42.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, analysts predict that GE Vernova Inc. will post 1.96 earnings per share for the current year.

GE Vernova Dividend Announcement

The company 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 dividend yield of 0.23%.

GE Vernova declared that its board has initiated a share 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 stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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.