GE Vernova (NYSE:GEV) Shares Up 5.1% After Dividend Announcement

GE Vernova Inc. (NYSE:GEV) rose 5.1% on Wednesday following a dividend announcement from the company. The company traded as high as $347.00 and last traded at $344.16. Approximately 1,491,085 shares changed hands during trading, a decline of 56% from the average daily volume of 3,421,473 shares. The stock had previously closed at $327.39.

The newly announced dividend which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Citigroup lifted their price target on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research note on Monday. The Goldman Sachs Group lifted their price target on shares of GE Vernova from $220.00 to $308.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. HSBC reiterated a “hold” rating and issued a $255.00 price target (up from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Wolfe Research assumed coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target on the stock. Finally, Jefferies Financial Group lifted their price target on shares of GE Vernova from $293.00 to $336.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $307.15.

GE Vernova Stock Performance

The firm’s fifty day moving average is $307.87 and its 200 day moving average is $229.90.

GE Vernova announced that its board has initiated a share buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of GE Vernova

Institutional investors have recently bought and sold shares of the business. Waverton Investment Management Ltd boosted its holdings in 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 purchasing 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 valued at approximately $1,101,000. Atria Investments Inc raised its position 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 valued at $1,297,000 after buying an additional 2,847 shares in the last quarter. Fractal Investments LLC acquired a new position in shares of GE Vernova in the 3rd quarter valued at approximately $1,530,000. Finally, Legal & General Group Plc acquired a new position in shares of GE Vernova in the 2nd quarter valued at approximately $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.