GE Vernova (NYSE:GEV) Stock Price Up 4.9% Following Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) rose 4.9% during 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 $384.81. Approximately 1,047,383 shares were traded during trading, a decline of 60% from the average daily volume of 2,591,083 shares. The stock had previously closed at $366.81.

Other research analysts also recently issued research reports about the company. TD Cowen started coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective for the company. BMO Capital Markets upped their price objective on GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Truist Financial upped their price objective on GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and an average price target of $318.60.

Hedge Funds Weigh In On GE Vernova

A number of institutional investors and hedge funds have recently modified their holdings of GEV. Mountaineer Partners Management LLC bought a new position in shares of GE Vernova in the 3rd quarter worth $2,507,296,000. Newport Trust Company LLC bought a new position in shares of GE Vernova in the 2nd quarter worth $650,140,000. Marshall Wace LLP bought a new position in shares of GE Vernova in the 2nd quarter worth $399,770,000. Legal & General Group Plc bought a new position in shares of GE Vernova in the 2nd quarter worth $293,699,000. Finally, Electron Capital Partners LLC lifted its holdings in shares of GE Vernova by 1,641.3% in the 2nd 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 Price Performance

The business has a fifty day moving average of $341.28 and a 200-day moving average of $260.29.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.