GE Vernova (NYSE:GEV) Sets New 1-Year High – What’s Next?

Shares of GE Vernova Inc. (NYSE:GEV) hit a new 52-week high during trading on Monday . The stock traded as high as $376.30 and last traded at $371.20, with a volume of 745055 shares changing hands. The stock had previously closed at $354.03.

Analysts Set New Price Targets

GEV has been the topic of a number of recent analyst reports. Citigroup raised their price target on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research report on Monday, December 9th. BMO Capital Markets boosted their target price on GE Vernova from $245.00 to $288.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. The Goldman Sachs Group increased their price target on GE Vernova from $324.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Wolfe Research initiated coverage on GE Vernova in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective on the stock. Finally, Guggenheim decreased their target price on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Seven 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 MarketBeat.com, GE Vernova presently has an average rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Stock Up 4.9 %

The company’s 50 day simple moving average is $331.58 and its 200-day simple moving average is $250.83.

GE Vernova Announces Dividend

The firm also recently announced 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. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.27%.

GE Vernova announced that its Board of Directors has initiated a share buyback plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Pittenger & Anderson Inc. raised its position in shares of GE Vernova by 28.0% during the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after buying an additional 35 shares in the last quarter. SteelPeak Wealth LLC increased its holdings in GE Vernova by 2.5% during the 3rd quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company’s stock valued at $400,000 after purchasing an additional 38 shares during the period. Global Retirement Partners LLC lifted its stake in GE Vernova by 0.9% in the third quarter. Global Retirement Partners LLC now owns 4,507 shares of the company’s stock worth $1,149,000 after acquiring an additional 40 shares during the period. Whittier Trust Co. lifted its position in shares of GE Vernova by 1.9% in the 3rd quarter. Whittier Trust Co. now owns 2,106 shares of the company’s stock worth $537,000 after purchasing an additional 40 shares during the period. Finally, Dunhill Financial LLC boosted its position in GE Vernova by 21.6% during the 3rd quarter. Dunhill Financial LLC now owns 225 shares of the company’s stock valued at $57,000 after acquiring an additional 40 shares in the last quarter.

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.