GE Vernova (NYSE:GEV) Sets New 1-Year High on Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shares reached a new 52-week high during trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $192.00 to $246.00. Royal Bank of Canada currently has an outperform rating on the stock. GE Vernova traded as high as $236.20 and last traded at $236.20, with a volume of 913103 shares. The stock had previously closed at $229.93.

A number of other brokerages have also recently commented on GEV. Bank of America raised GE Vernova from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $200.00 to $300.00 in a research note on Tuesday. Barclays assumed coverage on shares of GE Vernova in a research note on Monday. They issued an “overweight” rating and a $250.00 target price on the stock. Morgan Stanley increased their price target on shares of GE Vernova from $220.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, September 13th. HSBC started coverage on shares of GE Vernova in a research report on Monday, August 12th. They issued a “buy” rating and a $215.00 price objective on the stock. Finally, Evercore ISI increased their target price on shares of GE Vernova from $202.00 to $240.00 and gave the stock an “outperform” rating in a report on Thursday, September 12th. Three analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $217.64.

Institutional Investors Weigh In On GE Vernova

Hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. purchased a new position in GE Vernova during the second quarter valued at $76,000. SS&H Financial Advisors Inc. bought a new position in shares of GE Vernova in the 2nd quarter worth about $641,000. Prio Wealth Limited Partnership bought a new position in shares of GE Vernova in the 2nd quarter worth about $1,223,000. Sanctuary Advisors LLC purchased a new position in GE Vernova during the 2nd quarter valued at about $3,025,000. Finally, NCP Inc. bought a new stake in GE Vernova during the second quarter worth about $108,000.

GE Vernova Stock Performance

The stock has a fifty day moving average price of $185.43.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $8.42 billion. Analysts forecast that GE Vernova Inc. will post 3.02 earnings per share for the current fiscal year.

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.