GE Vernova (NYSE:GEV) Shares Gap Down – Time to Sell?

Shares of GE Vernova Inc. (NYSE:GEV) gapped down prior to trading on Friday . The stock had previously closed at $338.94, but opened at $331.69. GE Vernova shares last traded at $343.81, with a volume of 200,188 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Citigroup increased their price objective on GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research report on Monday, December 9th. Barclays lifted their price objective on GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Truist Financial upped their target price on shares of GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. BMO Capital Markets lifted their price target on shares of GE Vernova from $245.00 to $288.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, Guggenheim cut their price objective on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Seven investment 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 company. According to MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and an average price target of $314.35.

GE Vernova Trading Up 4.5 %

The stock has a fifty day moving average of $331.58 and a 200-day moving average of $249.84.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.28%.

GE Vernova announced that its Board of Directors has approved a share buyback program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GEV. Waverton Investment Management Ltd grew its holdings in shares of GE Vernova by 10.0% in 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 in the last quarter. Hanlon Investment Management Inc. acquired a new position in GE Vernova during the third quarter valued at approximately $1,101,000. Atria Investments Inc grew its stake 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 in the last quarter. Fractal Investments LLC acquired a new position in shares of GE Vernova during the 3rd quarter worth approximately $1,530,000. Finally, Legal & General Group Plc bought a new stake in shares of GE Vernova during the 2nd 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.