GE Vernova Sees Unusually Large Options Volume (NYSE:GEV)

GE Vernova Inc. (NYSE:GEV) was the target of some unusual options trading on Monday. Investors acquired 20,309 call options on the company. This represents an increase of approximately 136% compared to the typical volume of 8,613 call options.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GEV. Evercore ISI lifted their target price on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. BMO Capital Markets boosted their price objective on shares of GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group raised their target price on shares of GE Vernova from $324.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Finally, Citigroup lifted their price target on GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Seven investment 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 stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Stock Performance

GEV opened at $370.00 on Tuesday. The stock has a fifty day moving average of $333.20 and a 200-day moving average of $252.19. GE Vernova has a 12-month low of $115.00 and a 12-month high of $376.30.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders 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 dividend yield of 0.27%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its board has authorized a stock repurchase program 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 shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of GE Vernova

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GEV. Mountaineer Partners Management LLC acquired a new stake in GE Vernova during the third quarter worth about $2,507,296,000. Newport Trust Company LLC bought a new position in shares of GE Vernova in the second quarter valued at approximately $650,140,000. Marshall Wace LLP bought a new stake in GE Vernova during the 2nd quarter worth approximately $399,770,000. Legal & General Group Plc bought a new position in GE Vernova in the 2nd quarter valued at $293,699,000. Finally, Electron Capital Partners LLC boosted its stake in GE Vernova by 1,641.3% in the second quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock worth $290,589,000 after purchasing an additional 1,596,996 shares in the last quarter.

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.