GE Vernova (NYSE:GEV) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of GE Vernova (NYSE:GEV) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $376.00 price objective on the stock.

Several other brokerages have also issued reports on GEV. Wells Fargo & Company initiated coverage on GE Vernova in a research note on Thursday, November 21st. They set an “overweight” rating and a $385.00 price target on the stock. Evercore ISI upped their target price on GE Vernova from $300.00 to $323.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Oppenheimer began coverage on shares of GE Vernova in a research note on Thursday, September 26th. They set a “market perform” rating on the stock. Guggenheim increased their price objective on shares of GE Vernova from $300.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, HSBC reiterated a “hold” rating and set a $255.00 target price (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $314.35.

GE Vernova Stock Performance

NYSE GEV opened at $332.01 on Wednesday. The company’s fifty day moving average is $312.53 and its two-hundred day moving average is $232.46. GE Vernova has a 52-week low of $115.00 and a 52-week high of $357.09.

GE Vernova declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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 given a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.30%.

Institutional Investors Weigh In On GE Vernova

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

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.