GE Vernova (NYSE:GEV) Shares Up 1.6% After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shot up 1.6% on Wednesday after The Goldman Sachs Group raised their price target on the stock from $400.00 to $446.00. The Goldman Sachs Group currently has a buy rating on the stock. GE Vernova traded as high as $392.77 and last traded at $388.43. 729,311 shares traded hands during trading, a decline of 72% from the average session volume of 2,619,073 shares. The stock had previously closed at $382.26.

A number of other research analysts have also weighed in on the stock. Wolfe Research began coverage on shares of GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price for the company. Oppenheimer initiated coverage on shares of GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating for the company. Guggenheim decreased their target price on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Wells Fargo & Company increased their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Bank of America boosted their price objective on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday. Seven research 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $321.35.

Institutional Investors Weigh In On GE Vernova

Several large investors have recently added to or reduced their stakes in GEV. Acadian Asset Management LLC purchased a new position in shares of GE Vernova during the second quarter worth approximately $375,000. American Century Companies Inc. purchased a new stake in shares of GE Vernova in the second quarter valued at approximately $4,940,000. Envestnet Asset Management Inc. bought a new position in GE Vernova in the second quarter worth approximately $45,674,000. Massachusetts Financial Services Co. MA purchased a new position in GE Vernova during the 2nd quarter worth $119,390,000. Finally, Dimensional Fund Advisors LP purchased a new position in GE Vernova during the 2nd quarter worth $176,775,000.

GE Vernova Trading Up 1.0 %

The stock has a 50-day simple moving average of $342.29 and a two-hundred day simple moving average of $261.18.

GE Vernova Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.26%.

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