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

GE Vernova (NYSE:GEV) had its price target raised by Jefferies Financial Group from $348.00 to $391.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently weighed in on the stock. Citigroup upped their price objective on shares of GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a report on Monday, December 9th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective for the company. Oppenheimer started coverage on GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating on the stock. Evercore ISI upped their target price on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. lifted their price target on GE Vernova from $356.00 to $367.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Stock Up 0.6 %

GEV stock opened at $332.01 on Friday. The firm’s 50-day simple moving average is $312.53 and its 200 day simple moving average is $233.23. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $357.09.

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.30%. The ex-dividend date is Friday, December 20th.

GE Vernova declared that its board has approved a share buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On GE Vernova

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