Truist Financial Forecasts Strong Price Appreciation for GE Vernova (NYSE:GEV) Stock

GE Vernova (NYSE:GEV) had its price objective hoisted by investment analysts at Truist Financial from $420.00 to $470.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 12.10% from the company’s previous close.

A number of other brokerages have also weighed in on GEV. The Goldman Sachs Group upped their price objective on GE Vernova from $400.00 to $446.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Morgan Stanley increased their price target on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a report on Friday, November 15th. HSBC reissued a “hold” rating and set a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Evercore ISI increased their target price on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Finally, Oppenheimer initiated coverage on GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating on the stock. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Stock Performance

GEV stock opened at $419.27 on Thursday. The stock has a market capitalization of $115.57 billion and a PE ratio of 75.41. The company has a fifty day moving average of $351.59 and a 200-day moving average of $270.59. GE Vernova has a one year low of $115.00 and a one year high of $447.50.

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

GE Vernova declared that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Trading of GE Vernova

Hedge funds and other institutional investors have recently modified their holdings of the company. Waverton Investment Management Ltd grew its holdings in GE Vernova by 10.0% during the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after acquiring an additional 66,455 shares during the period. Hanlon Investment Management Inc. acquired a new position in shares of GE Vernova in the 3rd quarter worth approximately $1,101,000. Atria Investments Inc raised its holdings in shares of GE Vernova by 127.0% in the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after purchasing an additional 2,847 shares in the last quarter. Fractal Investments LLC acquired a new stake in GE Vernova during the third quarter valued at approximately $1,530,000. Finally, Legal & General Group Plc bought a new stake in GE Vernova during the second quarter worth approximately $293,699,000.

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.