Wells Fargo & Company Issues Positive Forecast for GE Vernova (NYSE:GEV) Stock Price

GE Vernova (NYSE:GEV) had its target price hoisted by Wells Fargo & Company from $385.00 to $411.00 in a research report report published on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research analysts also recently commented on GEV. Bank of America increased their price target on shares of GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Royal Bank of Canada reiterated an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a report on Wednesday, December 11th. Morgan Stanley increased their price target on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a report on Friday, November 15th. The Goldman Sachs Group lifted their price objective on shares of GE Vernova from $324.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Truist Financial increased their target price on shares of GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given 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 $314.35.

GE Vernova Stock Up 0.6 %

GE Vernova stock opened at $332.01 on Friday. GE Vernova has a 52-week low of $115.00 and a 52-week high of $357.09. The firm’s fifty day moving average is $312.53 and its 200 day moving average is $233.23.

GE Vernova announced that its board has approved a stock repurchase 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

GE Vernova Announces Dividend

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

Institutional Investors Weigh In On GE Vernova

Several hedge funds have recently modified their holdings of GEV. Deseret Mutual Benefit Administrators purchased a new stake in shares of GE Vernova during the 2nd quarter worth $25,000. Trifecta Capital Advisors LLC bought a new stake in shares of GE Vernova in the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new position in shares of GE Vernova in the 2nd quarter worth approximately $25,000. Gradient Investments LLC purchased a new position in shares of GE Vernova in the 2nd quarter worth approximately $27,000. Finally, Spectrum Wealth Counsel LLC bought a new position in shares of GE Vernova during the 2nd quarter worth approximately $27,000.

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.