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

GE Vernova Inc. (NYSE:GEV) shares traded up 1.6% during trading on Wednesday after BMO Capital Markets raised their price target on the stock from $360.00 to $420.00. The stock traded as high as $434.10 and last traded at $422.47. 2,377,028 shares changed hands during trading, a decline of 15% from the average session volume of 2,791,498 shares. The stock had previously closed at $416.00.

GEV has been the topic of a number of other reports. Citigroup lifted their target price on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Oppenheimer assumed coverage on shares of GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating on the stock. Evercore ISI increased their target price on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Wells Fargo & Company raised their price target on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Finally, Morgan Stanley upped their price objective on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.85.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GEV. Armstrong Advisory Group Inc. boosted its stake in shares of GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after acquiring an additional 27 shares in the last quarter. Hengehold Capital Management LLC raised its holdings in GE Vernova by 2.4% during the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after purchasing an additional 29 shares during the last quarter. AdvisorNet Financial Inc raised its holdings in GE Vernova by 1.6% during the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after purchasing an additional 30 shares during the last quarter. Mutual Advisors LLC boosted its position in GE Vernova by 1.2% during the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after purchasing an additional 31 shares in the last quarter. Finally, Pittenger & Anderson Inc. grew its holdings in GE Vernova by 28.0% in the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after purchasing an additional 35 shares during the last quarter.

GE Vernova Price Performance

The business has a 50-day moving average price of $347.50 and a two-hundred day moving average price of $268.31.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 3.67% and a return on equity of 4.22%. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that GE Vernova Inc. will post 1.96 EPS for the current year.

GE Vernova Dividend Announcement

The firm 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 dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.23%.

GE Vernova announced that its board has initiated a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board 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.