GE Vernova Inc. (NYSE:GEV – Get Free Report)’s share price reached a new 52-week high during mid-day trading on Tuesday after Bank of America raised their price target on the stock from $380.00 to $415.00. Bank of America currently has a buy rating on the stock. GE Vernova traded as high as $388.88 and last traded at $386.14, with a volume of 473892 shares traded. The stock had previously closed at $366.81.
A number of other analysts have also recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Oppenheimer assumed coverage on GE Vernova in a research report on Thursday, September 26th. They issued a “market perform” rating for the company. BMO Capital Markets raised their target price on GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Citigroup upped their price target on GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a report on Monday, December 9th. Finally, Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Seven investment 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 company’s stock. Based on data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average price target of $318.60.
Check Out Our Latest Analysis on GE Vernova
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GE Vernova Stock Performance
The stock has a 50-day moving average of $341.28 and a 200-day moving average of $260.29.
GE Vernova Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.26%. The ex-dividend date is Friday, December 20th.
GE Vernova announced that its board has authorized a share buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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.
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